After teasing a new all-time high before retracing, Bitcoin surges by more than 2% this week, reaching a new high on Friday.

Short-, medium-, and long-term price predictions for Bitcoin might be significantly impacted by Tuesday's US presidential election, which could cause a price decline.

Despite more people selling their Bitcoin for profit, US spot ETFs still managed to bring in about $2.2 billion up until Thursday.

Up until Friday, Bitcoin's (BTC) price increased by more than 2%. The first part of the week was absolutely outstanding, with BTC coming close to a new all-time high. However, as profit-taking became more apparent, the price of BTC dropped significantly.


The US presidential election is a watershed moment that will define the future of regulation of the cryptocurrency class; experts predict that Bitcoin's price may fall in the days leading up to the election. Traders are becoming more and more confident that a victory for former President Trump would result in more favorable crypto legislation, which might potentially prolong the current BTC rise in the near future.

What was the catalyst for Bitcoin's ups and downs this week?
Bitcoin bulls took control again this week, with BTC climbing 2.85% on Monday, after retesting and rebounding off a critical support level last week. The US Bitcoin spot ETFs' consistent weekly gains in institutional demand are indicative of this increasing trend.

As of Tuesday, the cryptocurrency was up 3.97 percent, reaching $73,620, which is close to its all-time high of $73,777, which it reached in the middle of March. Based on statistics from CoinGlass, futures Open Interest (OI) at exchanges reached a new record high of $42.23 billion, adding to the bullish trend. This indicates that new cash is flooding into the market and driving fresh purchasing activity.

Tuesday's $827 million gain was the third-biggest single-day inflow for US spot ETFs since their inception in January.

Both large and small players started to show symptoms of wanting to cash out as Bitcoin was about to hit new highs.

Arkham Intelligence reports that the Bhutanese government sent $66.55 million worth of bitcoin to Binance using official government accounts. In view of the current halving challenges and unpredictable mining outputs, this action may indicate a possible strategy to use their generated Bitcoin for larger operational or budgetary goals. Since Bhutan now owns $889.36 million worth of Bitcoin, selling it on exchanges might cause selling pressure and cause Bitcoin prices to fall.


Plus, on Tuesday, Santiment's Network Realized Profit/Loss (NPL) indicator surged from 590.2 million to 1.39 billion, a remarkable increase. There may be further selling pressure now that this jump suggests investors were, on average, cashing out.

Although US spot Bitcoin ETFs continued to record strong inflows—more than $2.22 billion—up until Thursday, Bitcoin declined 3.36%, hitting a low of $69,695.

The market observers think that the crypto drop is due to the fact that crypto-friendly candidate Donald Trump's chances of winning are diminishing. In the last 48 hours, Democratic candidate Kamala Harris' odds of winning have increased from 33% to 39% on Polymarket, while Trump's chances of winning have decreased to 61%.



In a message he sent out on Thursday, Kendrick warned that "there is a risk of pre-election position unwinding," which would imply that the campaign's budget would be lower than $73,000 on election day.

He predicted that if Republicans take over the US Congress, Bitcoin's price will rise sharply, maybe reaching $125,000 by year's end and reviving the altcoin market. Solana would benefit greatly from a Republican sweep in this area, according to Kendrick.

Bitcoin is trading little lower at around $69,500 on Friday, continuing its fall.

According to statistics published on Friday by Lookonchain, the now-defunct Mt.Gox exchange sent 500 BTC, or $35.04 million. Because this money may get up in exchanges like Kraken, Bitstamp, or BitGo to pay off creditors, traders should exercise caution over the transfer.


A possible drop in Bitcoin's price might be caused by the spread of FUD (fear, uncertainty, and doubt) among traders if these funds are liquidated. At now, the wallet has 44,905 BTC, which is equivalent to $3.11 billion.

The result of the US election will determine Bitcoin's technical outlook; whether it reaches its new all-time high of $78,955 is dependent on this.

The largest cryptocurrency by market value, Bitcoin, breached and retested the breakout level of a downward-sloping parallel channel pattern last week, at $65,800, according to the weekly chart. It surged over 2% this week, peaking at $73,620 before tumbling to a low of about $69,400.

A new all-time high (ATH) of $78,955 is projected if Bitcoin's advance continues, according to the pattern's technical objective. This target is derived by calculating the distance between the two trendlines and projecting it higher.

While it is still somewhat below overbought circumstances, the Relative Strength Index (RSI) momentum indicator is trading at 59 on the weekly chart, which indicates that bullish momentum is gaining ground.

But as Bitcoin keeps falling on Friday, the daily chart reveals indications of bull fatigue.



The next important support level is around $66,000, which is close to the breakout level of the downward-sloping parallel channel pattern at $65,800 on the weekly chart. If Bitcoin prices keep falling and close below $69,500, they might extend their plunge by more than 5% to retest this level.

After reaching an overbought level of 70 on Tuesday, the Relative Strength Index (RSI) on the daily chart has fallen precipitously to 57, indicating a considerable reduction in bullish momentum and providing a sell signal by leaving overbought territory.

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