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Bitcoin suffered a decrease in price to nearly $66,000 on October 23rd, following selling pressure. This resulted in a net loss of $79.1 million from Bitcoin exchange-traded funds in the US on October 22nd. Investors remain hopeful about a potential increase in Bitcoin’s value following the US Presidential election. Cryptocurrencies like Ether show signs of returning to the market, while the likes of BNB, Solana, XRP, Dogecoin, and Toncoin experience a dip. Alongside these fluctuations, experts advise caution and thorough research when investing in cryptocurrencies.

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Bitcoin’s recovery hit a snag on October 22nd, as it struggled against selling pressure, reducing its price to near $66,000 on October 23rd. This downfall in Bitcoin’s value resulted in a net loss of $79.1 million from US Bitcoin exchange-traded funds on October 22nd, a significant drop since October 10th, according to information from Farside Investors.

Despite this setback, many individuals are optimistic about a potential surge in Bitcoin’s value following the US Presidential election. David Lawant of FalconX believes that Bitcoin is set to do well, regardless of the election outcome.

Even seasoned investor Paul Tudor Jones is confident in Bitcoin’s potential. He revealed to CNBC that he has diversified his portfolio to include gold, Bitcoin, commodities, and Nasdaq technology stocks, believing that “all roads lead to inflation” in the wake of the US elections.

The big question now is, will Bitcoin’s temporary support hold? And could other cryptocurrencies start recovering soon? Delving into the trends of the top 10 cryptocurrencies might give us some clues.

Looking at Bitcoin, it has fallen back to the 20-day average level of $65,526, a significant support point to keep an eye on. Meanwhile, Ether has shown signs of returning in the market, but there’s always room for downside in the volatile crypto space, with Ether potentially falling to $2,400 or even $2,330.

On the other hand, BNB, Solana, XRP, Dogecoin, and Toncoin are all seeing their values dip below the 20-day average, causing some uneasiness among their investors. Cardano and Avalanche, while stable, are stuck in a tight range, indicating a tug of war between bulls and bears. Finally, Shiba Inu’s inability to start a rebound increases the risk of it bottoming out.

As always, investing in cryptocurrency can be risky and it’s important to do your own research before making any major decisions.

Source: Cointelegraph