BTC Under Pressure Amid U.S. Election Uncertainty—Will It Test Key Support ?

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Bitcoin (BTC) is currently trading within a descending channel on the one-hour chart, as uncertainties around the U.S. presidential election weigh on its price.

BTC remains below the critical moving averages of the **Alligator indicator**, which signals a potential continuation of the downtrend.

For BTC to avoid further decline, it must not record a one-hour close above the **$70,236-$70,558 resistance range**. Should this resistance hold, BTC could retest its lower support level near **$68,067**.

Key Observations :

- Descending Channel : BTC's one-hour timeframe shows a bearish descending trend.

- Resistance and Support : Critical resistance stands at $70,236-$70,558, with support expected around $68,067.

- Alligator Indicator Signal : BTC is currently positioned below the Alligator’s moving averages, reinforcing bearish momentum.

Conclusion :

BTC faces potential downside risk if it continues below the resistance. A retest of the **$68,067 support** may be likely if the price fails to break above $70,236.

Advice :

Traders should keep a close eye on the $70,236 resistance level. If BTC maintains its position below this, it could signal an opportunity to short, with a target around $68,067.