Bitcoin Price Soars 10% in a Month as US Election Is Set to Add Volatility
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Highlights:
- Bitcoin price soars 0.02% as the US elections take place today.
- The crypto market may experience very high volatility as the US elections are taking place and the US Fed’s interest rate decision is set for November 6.
- With the Golden Cross in the BTC market, will the bulls trigger a rally?
The pioneering cryptocurrency, Bitcoin, has increased 0.02% today, with the BTC/USD trading at $68,848 during European trading hours. Its trading volume has notably gone ballistic, soaring 19% to $41.78, indicating growing token interest. Bitcoin price is now down 3% in a week; however, it has risen 10% in a month and 95% in a year.
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Meanwhile, this week, the crypto market may experience very high volatility as the US elections are taking place today, an event expected to shape the future of the crypto sector globally. Moreover, the interest rate decision from the US Fed is set to take place on November 6.
If Trump eventually emerges as the 47th president of the United States, BTC will likely witness growth. Crypto analyst Crypto Yapper has mentioned via X that the US election will create a lot of market volatility.
Donald Trump is leading the polls with a 25% lead on Kamala Harris !
This is so Bullish for #Bitcoin
The #USElection2024 will create a lot of volatility for the markets today !
What are your thoughts ? pic.twitter.com/lphUB604Vf
— Crypto Yapper (@CryptoYapper) November 5, 2024
However, a win for his opponent, Harris, will significantly drop BTC’s value. This is because it is feared that Kamala Harris could continue Joe Biden’s hard stance on crypto, which has been characterized by regulation through enforcement.
Bitcoin Statistical Data
Based on CoinmarketCap data:
- BTC price now – $68,848
- Trading volume (24h) – $41.78 billion
- Market cap – $1.36 trillion
- Total supply – 19.78 million
- Circulating supply – 19.78 million
- BTC ranking – #1
Will the Bulls Capitalize on the Golden Cross in the BTC Market?
On September 7, the pioneering cryptocurrency resumed an upward trend, reaching the $73,794 mark on October 30. This resulted in the formation of a rising parallel channel. However, after hitting a high of $73,794, the BTC price entered a correction phase as early profit bookings commenced. This has seen Bitcoin price dwindle like a dead weight in the air, currently at $68,848, retesting the lower boundary of the pattern.
Meanwhile, the bulls have established strong support at $66,520, enabling them to steady a potential uptrend. In the meantime, the BTC price trades above key bullish indicators, including the 50-day and 200-day Simple Moving Averages (SMAs). The 6,493 and $65,475 are the immediate support levels, supporting the bullish outlook.
On the other hand, the Relative Strength Index (RSI) has rebounded above the 50-mean level, currently at 54.32. This suggests that the bulls are gaining momentum and have increased their buying appetite. Moreover, there is more room for the upside before the BTC price is considered overbought.
Notably, a golden cross has appeared in the daily chart timeframe, signaling a strong bullish sentiment. It usually occurs in the market when the short-term moving average, like the 50-day, crosses above the long-term, like the 200-day.
Bitcoin Price Prediction
Based on the technical view, the odds lean towards the buyers, hence the bullish outlook. The BTC price could soar if the bulls capitalize on the Golden Cross and the support from moving averages stays intact. In such a case, increased buying appetite will result in the BTC price reclaiming the $70,000 mark.
In a highly bullish scenario, the bulls may target the $73,797 mark or above to a new ATH at $76,000. On the downside, if the bears step into the market, the $66,520 support area will act as a cushion against downward pressure.
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