4 weeks ago
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Daan Crypto Trades, a prominent figure on social media with nearly 390,000 followers, expressed uncertainty over Bitcoin’s recent price behavior. He noted that Bitcoin’s recent weekly close did not indicate a clear trend. However, Daan believes this could shift at any time based on election results.
Currently, Bitcoin is trading around $68,682. The price is relatively steady, showing a slight pullback of 0.5% in the past 24 hours. Last week, Bitcoin came close to its all-time high, briefly reaching $74,649 before retreating due to election-related uncertainty.
Meanwhile, Deribit’s volatility index for Bitcoin hit a three-month peak on Nov. 3, reflecting growing tension among investors. Some analysts suggest that if Bitcoin closes above the critical $74,000 resistance level, it may rally toward $80,000. However, a drop below $65,000 could signal a return to its longer-term downward trend, noted IG Markets analyst Tony Sycamore.
Ahead of the election, market sentiment is cautiously optimistic. Observers believe Bitcoin might benefit no matter who wins, as both candidates have shown some openness to digital innovation. Donald Trump is perceived as more supportive of the crypto sector, with several promises to foster U.S.-based crypto growth. Kamala Harris, though quieter on crypto, recently mentioned plans to encourage investment in digital assets and AI.
Beyond the election, traders expect the Federal Reserve to continue its interest rate cuts. This could fuel demand for riskier assets like Bitcoin.
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