The post Bitcoin Eyes Potential $70,000 Retest Amid Market Liquidity Hunt and Upcoming U.S. Election appeared on BitcoinEthereumNews.com.

Bitcoin has stabilized above the $67,000 mark, as traders anticipate a possible retest of $70,000 influenced by impending U.S. election dynamics and Non-Farm Payroll (NFP) data. The asset recently bounced back from a ten-day low, indicating a temporary liquidity hunt following its rapid ascent towards previous highs. Ryan McMillin, chief investment officer at Merkle Tree Capital, emphasized that this liquidity shake-up is a necessary market correction that may lead to a bullish trend shortly. This article explores Bitcoin’s recent price movements and the potential implications of upcoming U.S. election outcomes and economic data releases, focusing on market trends and expert opinions. Bitcoin’s Resilience Amid Market Fluctuations Bitcoin’s price has shown resilience in the face of recent market volatility, currently trading around $67,500 after experiencing a dip to $65,160. This rebound follows the asset’s breach of $69,000 earlier this week, which has prompted speculation about the sustainability of this upward momentum as market participants engage in a “liquidity hunt”. This term refers to the market’s tendency to eliminate excess leverage, particularly among traders who have taken positions betting on price increases. Such actions are often viewed as healthy corrections that set the stage for renewed growth. The Impact of U.S. Elections on Bitcoin Prices The upcoming U.S. presidential election on November 5 carries significant weight for the cryptocurrency space, with analysts predicting that the outcome could usher in regulations that favor cryptocurrency trading and blockchain innovations. As the race becomes more competitive, with former President Donald Trump reportedly holding a slight lead according to FiveThirtyEight polling data, Bitcoin’s price is projected to fluctuate within the range of $63,000 to $68,000. Market watchers, like Pratik Kala from Apollo Crypto, assert that a decisive break above $71,000 may signal market confidence in a Trump victory, further solidifying Bitcoin’s position. Job Market Dynamics and…

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Filed under: News - @ October 24, 2024 2:23 am