Breaking: Bitcoin breaks above its all-time high of $73,777 ahead of election results

• Bitcoin breaks above its all-time high of $73,777 on Wednesday as Donald Trump leads on the poll.
• The momentum indicators support Bitcoin's rise as it shows bullish bias.
• BTC's next target could be the 141.40% Fibonacci extension level at $78,777.

Bitcoin (BTC) broke above its all-time high of $73,777 on Wednesday, fueled by Donald Trump's lead in the polls. Momentum indicators confirmed a bullish bias. BTC's next target could be the 141.40% Fibonacci extension level at $78,777.

Bitcoin breaks above its all time high of $73,777

Bitcoin price faced rejection around its all-time high (ATH) of $73,777 on October 29 and declined 6.65% in the next six days. However, it found support around $67,000 on Monday and rose 2.24% until Tuesday. At the time of writing on Wednesday, breaks its all the high and trades around it continues to rise and trades slightly above $74,700.

A successful close above its all-time high of $73,777 level could pave the way for BTC to target the 141.40% Fibonacci extension level (drawn from July’s high of $70,079 to August’s low of $49,072) at $78,777.

The Relative Strength Index (RSI) on the daily chart has bounced off from its neutral level of 50 and reads 68 as of Wednesday, indicating that the bullish momentum is gaining traction.

BTC/USDT daily chart

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