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Bitcoin Price Faces Resistance as Analysts Now Weigh Pre-Election Consolidation

Author: Content Editor
Bitcoin and Ethereum are approaching critical resistance levels, and if they break through, they could attract significant attention. The recent price dip in Bitcoin is attributed to geopolitical factors, specifically the strengthening position of Donald Trump in the U.S. election race. Despite the dip, market analysts are optimistic about Bitcoin surpassing $70,000 by the end of the week, but they remain cautious about a new all-time high in the immediate future due to global factors. Singapore-based crypto trading firm QCP Capital highlights the proximity of both assets to key resistance levels and suggests that a break above these levels would attract massive retail attention. The firm also notes that both candidates in the election are more crypto-friendly, which may prompt capital to reallocate to crypto. U.S.-based market research firm Fairlead Strategies maintains a neutral rating on both Bitcoin and Ethereum in the short-, intermediate-, and long-term, stating that Bitcoin is at a critical juncture and Ethereum is showing signs of upside exhaustion. Both assets are likely to remain in a consolidation phase unless they can decisively clear their resistance barriers.

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