CandleFocus Bitcoin Price’s Rally Beyond $70,000 Stalled by Whales Awaiting US Election Results
2024-11-04
Author: Content Editor
Bitcoin's price has been steadily rising over the past two months, with strong support levels amidst market volatility. The upcoming US elections are expected to have a significant impact on Bitcoin's price, particularly due to the reactions of large holders (whales) based on investor sentiment. These whales are showing signs of waiting to see how the market reacts to the election results. The US election outcome could either reinforce Bitcoin's upward trend or trigger a temporary pullback. Bitcoin's macro momentum remains promising, as it has not reached the critical 95% threshold of total supply in profit, suggesting further potential gains. The upcoming election is a critical influence on investor sentiment and will determine Bitcoin's short-term price action. Currently, Bitcoin is trading at $68,833 and needs to stay above the support level of $68,248 to attempt another upward move. If volatility spikes around the election, Bitcoin could dip to $65,292, delaying hopes for a new all-time high. On the other hand, if Bitcoin successfully surpasses the $71,367 barrier, it could set the stage for a new all-time high and substantial gains.
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