Originally published on: November 04, 2024
As Bitcoin continues its upward trajectory, all eyes are on the US Presidential elections and the Federal Reserve’s interest rate decision this week. Market data suggests that Bitcoin may hit a new all-time high soon.
Cryptocurrency traders are anticipating a significant movement in Bitcoin prices, with speculations that the outcome of the elections could sway prices by at least 10%. Investors are optimistic, with billions pumped into digital assets last week, primarily in Bitcoin.
While the sentiment remains bullish, experts warn of a possible post-election sell-off reminiscent of the Nashville Bitcoin conference. Could Bitcoin see a relief rally post-election? How will altcoins respond? Let’s delve into the charts to find out.
SPX and DXY Indicators
The S&P 500 Index (SPX) shows signs of weakening bullish momentum, hovering below key moving averages. Meanwhile, the US Dollar Index (DXY) faces resistance levels that could dictate market direction.
Bitcoin and Altcoin Analysis
Bitcoin struggles to maintain its upward momentum, facing a critical support level. Ethereum, Binance Coin, Solana, Ripple, and other altcoins are also experiencing price fluctuations, with critical support and resistance levels to watch.
Dogecoin, TON, and Cardano Outlook
Dogecoin battles to find support at lower levels, while TON faces a critical support zone. Cardano continues to face bearish pressures despite attempts to rally.
Stay Informed with Markets Outlook
Stay updated on the latest market trends, investment opportunities, and trading strategies by subscribing to our Markets Outlook newsletter. Get actionable insights every Monday to make informed decisions.
Remember that trading and investing in cryptocurrencies carry risks, and it’s essential to conduct thorough research before making any financial decisions.
