Bitcoin’s price fell on Wednesday as appetite for risk-driven assets remained weak amid uncertainty over the U.S. election and as traders positioned for smaller interest rate cuts by the Federal Reserve.
While speculation over a Donald Trump victory had initially boosted crypto prices, recent polls pointed to a tight race between Trump and Vice President Kamala Harris, denting risk appetite. Broader risk-driven assets retreated, which in turn weighed on sentiment towards crypto.
The analysis focuses on the seven-month inverted expanding triangle, a key technical pattern that has been in place since March of this year without being breached. This pattern of lower highs and lower lows, according to the trader, signals that Bitcoin remains primed for a major move higher to as high as $150,000 per BTC.
The psychological barrier of $70,000 is the first level you should watch. In the past, sellers have tended to intervene in this area as a point of resistance. Considering the momentum thus far, breaking through this level may set off a rapid upward move that could result in a new all-time high. As they get…
The world’s biggest cryptocurrency appeared to have broken out of a $50,000 to $65,000 trading range seen through most of the year, and was now about $7000 away from making new record highs.
Bitcoin’s price rose on Tuesday after Democratic presidential candidate Kamala Harris pledged to support a regulatory framework for crypto, while the prospect of delayed distributions by Mt Gox also buoyed sentiment.
Bitcoin’s price jumped on Monday, extending a weekend rebound as defunct crypto exchange Mt Gox postponed plans to return assets to creditors by a year, assuaging fears of a near-term sell event.
Bitcoin’s price fell on Friday, facing increased pressure from concerns over more regulatory action, while hotter-than-expected U.S. inflation data also weighed amid bets on smaller rate cuts.
Large holders are acting, as seen by the $15.6 million movement from Binance that was recorded in the transaction metrics. This is an example of dormant coins being brought back into circulation. This could portend a price rally as it frequently corresponds to significant changes in Bitcoin’s price.
Bitcoin tracked strong gains in global stock markets after stronger-than-expected U.S. nonfarm payrolls data quashed fears of a U.S. recession. But the reading also diminished expectations for deep interest rate cuts by the Federal Reserve.
