Originally published on: November 04, 2024
As Bitcoin approaches a potential all-time high, market enthusiasts are closely eyeing the upcoming United States Presidential elections and the Federal Reserve’s interest rate decision for signs of volatility. According to Daan Crypto Trades, a pseudonymous trader, Bitcoin could witness a significant 10% move based on the election outcome.
A recent report by CoinShares revealed that investors injected $2.2 billion into digital assets last week, with Bitcoin receiving the largest share of inflows. This bullish sentiment has been prevalent in the market ahead of the elections.
While some are optimistic about Bitcoin’s future, trading firm QCP Capital warned that a post-election sell-off could mirror the Nashville Bitcoin conference’s impact.
In the world of cryptocurrencies, the S&P 500 Index (SPX) and the US Dollar Index (DXY) are also experiencing fluctuations. The SPX is showing signs of weakening bullish momentum, with a potential drop to 5,400 if key support levels are breached. On the other hand, the DXY rebounded recently but faces resistance at the 20-day EMA.
For Bitcoin, the price is currently hovering around $74,838, with expectations of a relief rally if it breaches the $70,000 level. Ethereum, Binance Coin, Solana, XRP, Dogecoin, and others are also navigating key support levels and resistance zones in the short term.
In conclusion, the cryptocurrency market is poised for significant movements in the coming days as external factors like the US elections and the Fed decision loom large. Stay tuned for more insights on potential investment opportunities and market trends.
