Originally published on: November 04, 2024
As Bitcoin heads into the US Presidential Election week, it faces its own battle for $69,000 and new all-time highs. Over the weekend, Bitcoin struggled to maintain its momentum, with a weekend wick below $67,500. Traders are now eyeing the imminent volatility that the election will bring.
Popular trader Skew predicts rapid moves between the week’s low and high, with market liquidity playing a crucial role. Other analysts suggest that Bitcoin may tap all-time highs before experiencing a price correction. The order book bid liquidity is increasing above $67,000, indicating strong support levels.
With the US Presidential Election and the Federal Reserve interest rates decision on the horizon, the crypto market is bracing for fireworks. Traders expect significant volatility in the coming days as both events unfold. The Fed is expected to cut rates by 0.25%, reflecting conflicting inflationary forces in the economy.
Bitcoin dominance recently surpassed 60%, signaling a strong market performance. Analysts predict a downward trend in dominance, but spot Bitcoin ETFs and lack of interest from retail investors may support BTC demand. Network fundamentals are also strong, with Bitcoin difficulty set to reach new all-time highs.
In conclusion, Bitcoin is set for an eventful week, with key macroeconomic events and market volatility on the horizon. Traders should stay vigilant and conduct their own research before making any investment decisions. Subscribe to our newsletter for more insights and updates on the market outlook.
