The breakout to new highs confirmed the extension of the bullish momentum, making the 161.8% level the next target. Next, the $100-110K area should be ready for a major shakeout as many will be looking to take profits after impressive gains and on reaching key round levels.

Bitcoin is attracting attention with its all-time highs and weight in the crypto market. However, altcoins such as Dogecoin and Cardano, although far from their highs, more than doubled in value in the 5 days following Trump's victory before correcting late on Sunday.

Although both coins look overbought on daily timeframes, they are being driven by FOMO and short squeeze, which promises more chaotic moves in the coming days. Perhaps now is the time to pick up altcoins, which have so far shown growth rates averaging between Bitcoin and Dogecoin.

From a fundamental perspective, Bitcoin shows no signs of overheating. Galaxy Digital notes the lack of a spike in funding costs for perpetual contracts and a moderate increase in open interest (OI) for cryptocurrencies in general.