CandleFocus Bitcoin on Track For Record Sideways Action, With Eyes on November Elections as Bullish Catalyst
2024-10-11
Author: Content Editor
Bitcoin is currently experiencing its longest sideways market range since the April halving, reaching 285 days. Factors such as uncertainty surrounding the U.S. election, rising U.S. Treasury yields, and the extension of Mt. Gox's repayment deadline to 2025 are contributing to the lackluster price action. Despite historically bullish tendencies in October, Bitcoin has failed to rally, disappointing bulls who expected a bigger increase in the final quarter of the year. A break above $69,000 would signal a bullish breakout, potentially leading to a focus on $100,000. However, the market remains strained, with recent SEC charges against market-making and trading firms raising concerns about the crypto market's stability before the November elections.
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