Bitcoin bulls emboldened by its test and rebound from support

Bitcoin trades higher at $57,093 (+4.06%), boosted by the latest polls showing pro-crypto Presidential candidate Donald Trump neck and neck in the race to the White House. Technical buying also supported the rebound after Bitcoin tested and held our crucial medium-term $52,000/$50,000 support level, highlighted in our post last week.

While Bitcoin holds above the $52,000/$50,000 support band, it remains in a multimonth trend channel, and there is scope for the rebound to extend towards the 200-day moving average, currently at $63,886.