CandleFocus Why was Bitcoin price down overnight?
2024-11-01
Author: Content Editor
The recent rally in Bitcoin has paused ahead of the upcoming general election, causing the price to pull back. This decline has also led to sell-offs in altcoins, including MASK, IMX, Doland Tremp, and Moo Deng. The reduced odds of Donald Trump winning the election have contributed to the decline in Bitcoin and these altcoins, as reflected in prediction markets. Historical polling inaccuracy and investor caution have also played a role in the pullback. Despite this, Trump is seen as a pro-crypto president, with a crypto portfolio worth over $6 million and plans to make the US a global crypto hub. The odds of Bitcoin rising to a record high have also retreated, though technical indicators suggest potential upside. With the formation of a golden cross pattern, an inverse head and shoulders pattern, and increased ETF inflows, Bitcoin is expected to bounce back and potentially surpass its all-time high.
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