Bitcoin Faces Potential Volatility Ahead of US Election Week Amid Deep Price Support Tests Below $70,000
The post Bitcoin Faces Potential Volatility Ahead of US Election Week Amid Deep Price Support Tests Below $70,000 appeared on BitcoinEthereumNews.com.
The volatile climate surrounding Bitcoin (BTC) signals potential corrections as the U.S. Presidential Election looms, with critical support testing below $70,000. Recent trading analysis indicates a significant pullback for BTC after experiencing nearly $200 million in liquidations, raising concerns about an impending downward trend. According to market analyst Titan of Crypto, “If the breakout is confirmed, we might see a retest of Kijun around $66,200, which could mark a local bottom.” This article examines Bitcoin’s current struggles amidst market volatility, focusing on key support levels and trading sentiments in the lead-up to the U.S. Presidential Election. Bitcoin Faces Significant Resistance Ahead of U.S. Elections Bitcoin has seen a dramatic fluctuation recently, with the price pulling back from record highs of $73,800 earlier this week. The ongoing uncertainty linked to the upcoming United States Presidential Election has exacerbated the situation, contributing to an operational environment that is already primed for volatility. With open interest hitting unprecedented levels, traders are increasingly anxious about potential price dips. Market Sentiment and Liquidation Trends The latest data highlights that Sunday’s trading session led to a remarkable liquidation of long positions, totaling around $200 million. This shift points to hesitance within the trading community as BTC dipped below $68,000. Observers, including popular trader Credible Crypto, have identified the price range of $65,000 to $69,000 as a critical “must bounce zone,” suggesting traders are hoping for a reversal to uphold the upward trend. Technical Indicators and Insights While bullish sentiments linger, market analysts are noting critical resistance levels that must be overcome. The analysis incorporates Ichimoku cloud data, with Titan of Crypto suggesting a potential local bottom at $66,200. If this level holds, it could provide a springboard for BTC towards recovery. Titan emphasizes the importance of closing above the Tenkan-sen line—failing to do so may signal…
Filed under: News - @ November 3, 2024 12:24 pm