Originally published on: November 04, 2024
Bitcoin enthusiasts are gearing up for a thrilling week as the cryptocurrency faces its own challenges amidst the backdrop of the US Presidential Election. With Bitcoin trading around $74,973, the road to $69,000 and new all-time highs remains contentious.
Over the weekend, Bitcoin experienced some volatility as it failed to maintain the momentum from reaching $73,500 last week, leading to the liquidation of long positions. Despite a modest rebound, BTC/USD struggled to sustain its gains, with a weekend wick dipping below $67,500.
Market experts are predicting increased volatility in the coming days, particularly around the US election period. Popular trader Skew highlighted the importance of market liquidity and orderbook depth, emphasizing the potential for rapid price movements in both directions.
Other analysts, including Credible Crypto, anticipate a potential push towards all-time highs before a corrective phase. Order book bid liquidity is stacking above $67,000, with key resistance levels around $69,000 still in play.
The upcoming US Presidential Election and the Federal Reserve interest rates decision on Nov. 7 are expected to drive market volatility. With conflicting inflationary forces at play, the Fed’s decision is closely watched by traders who are bracing for potential rate cuts.
Market analysts suggest that Bitcoin dominance is a key indicator to watch, as it recently crossed the 60% mark, signaling a strong Bitcoin performance at the expense of altcoins. Some commentators predict a downward trend in Bitcoin dominance, while others point to factors like spot Bitcoin ETFs supporting demand.
Bitcoin’s network fundamentals are also in focus this week, with mining difficulty projected to increase by 5.1%. This will push it above 100 trillion for the first time, highlighting the resilience of the Bitcoin network post-halving.
Overall, the battle for new highs amidst political and economic uncertainties promises an exciting week for Bitcoin traders. Stay tuned for more updates on the market trends and opportunities.
Remember, this article does not provide investment advice, so make sure to do your own research before making any decisions. Don’t miss out on the latest insights and tips—subscribe to our newsletter for weekly updates!
