Bitcoin's open interest has dropped significantly as investors close their positions ahead of the US presidential election and the Federal Reserve's interest rate decision. The decline in open interest reflects a cautious market stance as traders await the election outcome and its potential impact on Bitcoin and broader financial markets. The coming week will be crucial for Bitcoin's direction, with a sustained hold above the current level potentially strengthening its outlook for a breakout. The election and the Fed's rate decision are expected to shape global trade policies and economic stability. If Bitcoin can maintain support above $68,000, it may attempt to surge past its all-time high, but a dip below this level could result in further pullbacks. Breaking above the all-time high could trigger a price discovery phase and rapid price increases fueled by FOMO among investors. Market participants are closely watching these events for potential breakout and new highs.



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