CandleFocus

When Will Bitcoin’s New Rally Start? Is There A Bullish Expectation? Analysis Company Explained

Bitcoin experienced a sharp decline to around $63,000, raising concerns among options traders who anticipate further drops leading up to the U.S. election. Despite historically positive October trends for cryptocurrencies, traders are cautious and preparing for a potential pullback before a post-election rally. U.S. stocks remained flat, European markets were down, and the Nikkei dropped 5% after Japan's new Prime Minister emphasized the need for accommodative monetary policy. Fed Chairman Jerome Powell stated that while the economy is stable, future interest rate cuts will not be as aggressive as the September cut. Crypto options traders are positioning themselves for further downside pressure, but also anticipate a potential post-election rally.

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