- Bitcoin continued to trade at $69K, marking a brief gain of 0.79% in the last 24 hours.
- Historically, BTC has tended to dip before U.S. elections due to political uncertainty.
The U.S. presidential election of 2024 might impact the cryptocurrency market. Donald Trump assured that the US would evolve as a global crypto leader and likely establish a national Bitcoin reserve. Trump’s victory and pro-stance in crypto could lead to a surge in crypto prices.
Whereas Kamala Harris has taken a cautious approach toward crypto. Harris has remained silent on crypto often but hinted at policies that could balance the regulations.
However, Bitcoin’s price seems to move in sync with the election odds. An analyst noted that if Trump wins, it could boost Bitcoin, as markets expect crypto-friendly policies. On the other hand, Kamala’s victory might weigh on Bitcoin, with regulatory crackdowns.
As per analyst analysis, the U.S. election is bullish for Bitcoin, yet BTC experienced a certain dip. In 2016, Bitcoin dropped by 10.2%, and in 2020 by 6.1%. This pre-election plunge doesn’t invalidate the bullish momentum, as election results and policies tend to lift Bitcoin.
Notably, the BTC bears are restraining the bulls from making the move. The recent bullish outlook is diminishing, and Bitcoin is at a crucial juncture, with its price positioned at $69K.
Over the last 24 hours, the BTC price recorded a 0.79% gain. BTC climbed from a low of $67,482 to a high of $69,433. At press time, BTC traded at $69,081, as per CMC data. Consequently, BTC stays in the greed zone as the Fear and Greed Index stays at 70.
What’s Ahead for BTC Price?
Inferring the four-hour BTC price chart reveals the possibility of a downside correction. If the asset fails to hold its ground around $68.5K, analysts predict a steady decline below $68K. This price zone appears to be crucial for BTC. On the flip side, if the Bitcoin price breaks the nearby resistance at $69.4K, BTC could rally toward the $69.9K range.
Besides, Bitcoin’s four-hour technical indicators displayed the asset’s brief negative momentum. The Moving Average Convergence Divergence (MACD) line is located beneath the signal line, signaling the incoming bear run.
BTC chart (Source: TradingView)
Moreover, it’s pivotal to note that the Chaikin Money Flow (CMF) indicator is at -0.13, suggesting a decreased money flow. Meanwhile, BTC’s daily trading volume has reached $33 billion, surging by over 42%.
The current market sentiment of Bitcoin is neutral, as the daily relative strength index (RSI) is sitting at 45.90. The asset’s daily frame displays the short-term 50-day MA above the long-term 200-day MA.
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