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The trend of the Bitcoin price today is uncertain.  However, it could also just be a brief period of calm before the storm, expected tomorrow with the USA presidential elections.  The trend of Bitcoin price today Today, the trend of the price of Bitcoin is fluctuating between $68,000 and $69,000. This fluctuation would be perfectly normal if yesterday it hadn’t dropped below $68,000, and if tomorrow there weren’t the US presidential elections.  Last Monday, October 28th, the price of Bitcoin surpassed the threshold of $68,000 after spending a few days around $67,000. The following day it even tried to approach the historical highs, climbing back above $73,000, but that attempt failed.  Since then, it first fell below $70,000, and then yesterday even below $68,000. However, this last drop seemed to be excessive, and served only to fill some inefficiencies that had inevitably formed last week with the rapid rise above $73,000. Here is how, after addressing these inefficiencies yesterday, today the price of BTC does not seem to have directionality.  The USA elections If there were no presidential elections in the United States of America tomorrow, the current situation would be perfectly normal, but that event is full of bull potential.  In other words, currently it seems that Bitcoin wants to try to take advantage of these bull trends, but on the other hand, it still seems a little too early for the start of a true rally.  And so today it moves on uncertain ground, waiting for a turning point that might come only tomorrow.  The issue related to the USA presidential elections is quite important for Bitcoin.  The key point is the inverse correlation in the medium/long term of the BTC price with the Dollar Index, which measures the strength of the US dollar against a basket of…

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Filed under: News - @ November 4, 2024 3:22 pm