The state of doubt and anticipation ended with regard to the US presidential elections, as the results showed the victory of “Joe Biden” as the new president of the United States of America, after winning the votes in Georgia and Pennsylvania.

Preliminary results showed Biden receiving 290 of the 270 votes needed to win the presidential seat, while Trump received only 214 votes.

Bitcoin price affected after the announcement of “Biden” victory:

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.

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America, I am honored that you chose me to lead our great country.

The work ahead will be difficult, but I promise you this: I will be president for all Americans—whether or not you vote for me.

I will keep the faith you put in me. pic.twitter.com/moA9qhmjn8

– Joe Biden (@JoeBiden) November 7, 2020

Celebrations spread everywhere.

However, “Donald Trump” did not give up and also declared his victory in a tweet on Twitter, written in large letters.

I won this election a lot!

– Donald J. Trump (@realDonaldTrump) November 7, 2020

Yesterday, he confirmed that he would challenge the elections in court for being fraudulent.

Markets noticed this and were quick to respond, especially Bitcoin, as crypto investors already felt Biden’s impact and the coin lost $850 immediately after Biden’s announcement.

Speculators are having a hard time as Bitcoin plummeted by nearly $1,000 in a matter of hours…

But the bitcoin did not last long below the $15,000 level, as after falling from the $15,500 level to $14,700, the bitcoin returned to the $15,000 level and continued above this level until the moment, according to the trading platform data. Binance.

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On the 4-hour chart below, the $14,600-$14,700 level is identified as a potential strong support area, which could hold the price of Bitcoin.

Speculators have time to think:

Charts with candles set to 1 day seem to indicate a healthy correction, even if the decline is due to sentiment.

Indicates Analyst Matty Greenspan says bitcoin has been in a healthy bullish channel since March 2020, giving confidence in its rally without fear of a potential bubble.

When Bitcoin touched $16,000, it not only broke this channel, but also brought other indicators into overbought territory with a potential risk of further declines.

Bitcoin is now back to the normal channel, and indicators have recovered a bit.

However, Bitcoin’s move still carries significant risks for speculators.

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How will Biden affect the crypto market?

It’s still too early to tell what Joe Biden will do.

Before the election, the general consensus was that an eventual Trump victory would be good for financial markets.

While the expectation was that “Biden” would not be a friend of investors.

But President Biden, before he became president, announced his intention upon taking office to issue another stimulus plan, which could mean more market growth.

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