The closer analysts get to the US presidential election the more they expect active Bitcoin surges and draws
On Monday Bitcoin reached a low of $69,000 again after its high of last week of $73,777.
The US presidential elections are now round the corner, and as it approaches there is always market volatility.
The upcoming elections will trigger another 'sell-the-news' type of event just like what happened to the Nashville bitcoin convention.
BTC dropped on Monday after touching an all time high near $73,777 last week. Tuesday’s presidential election is expected to make volatile markets worse. It may also initiate another 'sell the news' event similar to what took place in Nashville, this is a caution for traders.
The US presidential elections can increase the volatility of the Bitcoin currency.
It is also believed that swings and the volatility of the market will increase significantly towards the elections in US. Supporters of ex-president Trump have an interest in the crypto space which adds to market speculation.
Santiment social volume: mentions of political candidates have clustered around previous levels of support during bullish runs for crypto. Trump's presence on social media consolidates before elections, it is suspected that may influence the values of cryptocurrencies.id:149370. His words are largely received before other democratic possible candidates for vice president Kamala Harris – Santiment social trends tool – this highlights strong relationship between the media and trade markets.
Cryptocurrency traders are ‘assuming the unexpected’, especially the ones with the biggest amount of BTC, are making assumptions similar to those in the picture below ahead of the US election that will be held in a few days.
As Kasirnik said last week, there has been a general market sell off and this trend continued into the week. However, it’s worth noting that there has been a turning point in the number of transacted volumes. Over the past week, transfer volumes peaked at $73,620 on October 29. Interestingly, pangs of BTC transactions by whales are sometimes stark fluctuations which are commonplace occurrences and often suggest market price changes in the opposite direction. Furthermore, a lighter packed whale doesn't mean a downturn in prices, this understanding is wrong as every time they make such a bout it typically precludes their expectations of market movements for the masses and small trader volume before rejoining the market again.
Per the weekly report QCP’s capital weekly report, QCP makes it clear that the presidential election in the United States will be another time to sell off. Although Trump has remained as the favorite to become next POTUS, Polymarket bets on Trump has decreased from a whopping 66 to 57 while Harris remains with 43 to basically complete this juicy duel. The article mentions that Elections will create another epic Bundling up opportunities moment just like the Nashville Bitcoin conference irrespective of the results.
In the end, the markets for cryptocurrency will perceive these elections more strongly than the previous elections. The cryptocurrency strategies sought to put these elections as only a fourth stage reporting found that over a third wanted to educate and or buy the different crypto assets available.
This study further expands the information by disclosing that double the numbers of potential voters surveyed, take these elections as serial events and in which the results are clear in terms of its relevance to crypto/blockchain and automation future financing.
Price Analysis - Bitcoin Change In Price per Projection –Bearish. Indicators are fraying.
Bitcoin price dropped by 5.44 percent within five days after a snap to its all-time high of $73,777 on October 29. They closed prior the week at approximately $69,519 and into the weekend nearing $68,600 meanwhile on a Monday felt marginally lower trading around $69,519.
Should Bitcoin Price plunge further, a significant frame of reference would be needed, and it could well be $66,000.
A sell-off is in effect for Bitcoin as confirmed through Sunday's MACD – a negative MACD cross on the daily chart. The MACD line (blue line) crossed over the signal line (yellow line) indicating a downtrend. A rising red histogram for the Bitcoin market below the zero-line also leaves a bearish outlook for Bitcoin.
As for the Relative Strength Index (RSI) on the daily chart, it scans at 54 at the moment while aiming lower towards RSI 50. Persistence of bearish closes beyond this level would yield negative pressure which could be damaging to the Bitcoin price.
On the other hand, if the BTC price level of $69,519 which was the high for October 21 is broken and sustained that level, it could gain strength to remake an attempt for the previous all time high of $73,777.
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