30s Summary

Bitcoin’s values have remained relatively stable as traders await the result of the U.S. Presidential election, due to the different views of the candidates on cryptocurrencies. The trading range for Bitcoin has tightened due to this uncertainty, contributing to a lack of major trading moves. The contrast between U.S. retail investors selling off Bitcoin, and institutional investors investing in Bitcoin Spot ETFs, has further stabilized Bitcoin’s price. The Relative Strength Index suggests that Bitcoin’s value could potentially increase to around $101,608 if transaction volumes were to increase.

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Bitcoin has been pretty stable for the past two weeks, mainly because traders are holding their breath for the outcome of the US Presidential Election on November 5. Let’s be specific, Bitcoin has been having a hard time keeping its cool above $69,000 through October. Every time it tried to break free, it fell back towards a support zone between $64,000 and $67,000.

Now, with the election just a week away, the trading range for Bitcoin is getting even tighter. This is mainly due to the uncertainty caused by the election candidates having different stances towards cryptocurrencies. Donald Trump is unequivocally pro-crypto, while Kamala Harris hasn’t been too forthcoming about her thoughts on digital assets.

Surveys like the CBS News/YouGov poll show that it’s a pretty close race, with Kamala Harris leading slightly at 50% over Trump’s 49%. But betting data from Polymarket tells a different story, showing Trump leading with a 66.5% chance of winning over Harris’s 33.5%.

An administration passionate about cryptocurrencies could bring favorable rules, but a cautious or unclear stance could mean tighter controls. This uncertainty is keeping traders on edge, making them postpone major trading moves until the election results offer a clear path.

Apart from the election, Bitcoin’s price is also being influenced by different investor types. US retail investors seem to be selling off their Bitcoin, while institutional investors are bucking the trend by pouring more money into Bitcoin Spot ETFs. This contrast is creating a backup in the market, keeping Bitcoin’s price stuck where it is.

Bitcoin is trying to break its recent trend of staying stuck in one place by testing the upper trendline of its bull flag pattern. However, it hasn’t shown enough momentum to confirm a definite breakout. Hence, it’s stayed around the $68,000 level, with the trading volume during these breakout attempts being pretty average.

The only way to confirm a breakout from a bull flag is to see a substantial increase in volume, signaling strong buying interest. Without this clear sign, traders are hesitant to make large investments, resulting in a flat Bitcoin market.

The Relative Strength Index suggests Bitcoin is in a slightly bullish phase, without being overbought. Meaning there’s headroom for upward growth if the transaction volume ramps up. If Bitcoin manages to break out, it could potentially reach a price target of around $101,608.

Remember, investment decisions are a big deal, so it’s always best to do thorough research or seek financial advice before making any moves.

Source: Cointelegraph