Bitcoin has entered a phase of price discovery, buoyed by heightened trading activity in response to Donald Trump’s prospects in the US Presidential Election, resulting in an 8% price increase. On November 6, Bitcoin reached a new record of $75,397 on Binance, with market analysts focusing on crucial support levels that need to be defended by bullish traders. These support levels are identified as the 200-day SMA and short-term holder cost basis, sitting at approximately $63,546 and $64,337, respectively. Order book data indicates a concentration of sell orders around $75,500, while buyer interest is noted starting at $73,000. Analysts warn of potential price volatility post-election, with some predicting a return to the $60,000 range. Despite this, certain experts suggest that the rapid price increases could lead to a dump and pump scenario, where Bitcoin's price may briefly retreat before recovering towards $70,000 as market narratives stabilize. Investors are advised to proceed with caution amid these fluctuations, as every trading decision carries inherent risks.

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