Originally published on: November 04, 2024
As Bitcoin experiences a sharp 8% correction leading up to the US presidential election, traders are gearing up for a potentially volatile trading session. Despite this correction, Bitcoin’s overall market structure remains bullish, with upward momentum since hitting lows in early September.
Traders are closely watching key price levels, such as the Fibonacci “golden zone” between 0.5 and 0.618, which Bitcoin has consistently retested during its uptrend. A daily close above $68,500 could signal a continuation of this bullish trend, with a potential recovery above the $70,000 mark.
Analysts like Cold Blooder Shiller point to the $69,200 level as a critical point for Bitcoin’s short-term trajectory. While a dip towards $65,000-$66,000 is possible in the event of a market shift, supporters of the cryptocurrency remain optimistic about its long-term outlook.
Regardless of the election outcome, experts believe that Bitcoin’s upward trend will continue. Market indicators suggest that the market is indifferent to political factors in the long term, with potential price declines in the short term due to election-related uncertainties.
Traders are advised to monitor key support levels, such as $62,000, where a collective retest of important moving averages could occur. Despite short-term fluctuations, the overall sentiment towards Bitcoin remains positive among investors.
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Remember, all investment decisions involve risk, so conduct your own research and consult with financial advisors before making any moves in the market. Stay informed, stay vigilant, and stay ahead in the world of cryptocurrency trading.
