The state of suspicion and anticipation has ended with regard to the US presidential elections, as the results showed that Joe Biden had won as the new president of the United States of America after winning the votes in Georgia and Pennsylvania.
Initial results showed Biden received 290 votes out of the 270 required to win the presidential seat, while Trump received only 214 votes.
Bitcoin price affected after Biden's win was announced:
The new President "Joe Biden" quickly changed his biography on Twitter and sent a message to the American nation, thanking it for its support, and promising to unite the United States of America.
Celebrations spread everywhere.
However, "Donald Trump" did not give up and also announced his victory in a tweet in large letters.
Yesterday, he confirmed that he would challenge the elections in court for being rigged.
Markets noticed this and quickly responded, especially bitcoin, as currency investors already felt the impact of "Biden" and the coin lost $ 850 immediately after Biden's announcement.
For speculators to face a difficult time, as Bitcoin fell by nearly $ 1,000 in a matter of hours ...
But Bitcoin did not last long below the level of $ 15,000, as after the decline from the level of $ 15,500 to $ 14,700, Bitcoin returned to the level of $ 15,000 and continued above this level until the moment, according to the data of the Binance trading platform .
In the 4-hour chart shown below, the $ 14,600- $ 14,700 level is identified as a potential strong support area, which could hold the bitcoin price.
Speculators have time to think:
Charts with candlesticks set to 1 day seem to indicate a healthy correction, even if the decline is due to sentiment.
Analyst Matti Greenspan points out that Bitcoin has been in a healthy bullish channel since March 2020, which gives confidence in its rally without fear of a potential bubble.
When Bitcoin hit the $ 16,000 level, it not only broke that channel, it also brought other indicators into overbought territory with the potential risk of a further downside.
Bitcoin is now back on the normal channel, and the indicators have recovered a bit.
However, Bitcoin's move still poses significant risks to speculators.
How will Biden affect the crypto market?
It is still too early to see what Joe Biden will do.
Before the elections, the general consensus was that an eventual victory for "Trump" would be good for financial markets.
While the expectation was that "Biden" will not be a friend of the investors.
But President Biden, before becoming president, announced his intention upon taking office to issue another stimulus plan, which could mean further market growth.