Analysis: Bitcoin is expected to fluctuate by at least 10% in either direction based on the results of the U.S. presidential election.
Anonymous trader Daan Crypto Trades stated that the price of Bitcoin could fluctuate by at least 10%, depending on which U.S. presidential candidate wins the election on November 5. IG Markets analyst Tony Sycamore mentioned that Bitcoin needs to break through the resistance level of $74,000 to confirm an upward trend, potentially rising significantly to $80,000. Sycamore also warned that traders should act cautiously; a sustained drop below the support level of $65,000 would indicate a failure of last week's rebound and could lead back into a seven-month downward trend channel.
Analysis: Bitcoin is expected to fluctuate by at least 10% in either direction based on the results of the U.S. presidential election.
Anonymous trader Daan Crypto Trades stated that the price of Bitcoin could fluctuate by at least 10%, depending on which U.S. presidential candidate wins the election on November 5. IG Markets analyst Tony Sycamore mentioned that Bitcoin needs to break through the resistance level of $74,000 to confirm an upward trend, potentially rising significantly to $80,000. Sycamore also warned that traders should act cautiously; a sustained drop below the support level of $65,000 would indicate a failure of last week's rebound and could lead back into a seven-month downward trend channel.
