💥💥💥 #bitcoin☀️ Bounces Back Above $69K, Then Slides to $68K: What's Next?
Bitcoin ($BTC ) has experienced significant volatility over the past few days, rebounding above $69K this morning before retreating back to around $68,991.46. This current price reflects a 1.86% increase over the past week, with a 24-hour market volume of $34.83 billion, marking a substantial 77.24% rise.
The fluctuations in Bitcoin's price can be largely attributed to the fiercely contested U.S. presidential race in key swing states. This political uncertainty has driven the Bitcoin volatility index to its highest level since late July. According to TradingView, Deribit’s Bitcoin implied volatility index (DVOL) has surged to an annualized 63.24%, also the highest since late July.
Additionally, Bitcoin’s seven-day implied volatility has spiked to an annualized 74.4%, exceeding the seven-day realized volatility of 41.4%. This increase in implied volatility is closely tied to the upcoming Federal Reserve meeting on Thursday and the anticipated election results on Friday.
Earlier this week, BTC nearly touched its all-time high, climbing to $73,500 on Tuesday, buoyed by Polymarket showing a 66% probability of Donald Trump winning. However, since then, both Trump’s odds and Bitcoin’s price have retracted, with Trump’s winning probability dropping to 55% and Bitcoin falling below $68,000 early today. According to market predictions by Polymarket, Trump’s winning odds fell from 66% to 62% on October 31 and further to 53% on November 3.
