Bitcoin Price – Bitcoin Trading Volume Hits $30 Billion in 24 Hours
Bitcoin price appears to be in a state of stasis, settling at approximately $68,000 just 10 days before the U.S. presidential election. Following a brief test of the $70,000 mark earlier this week, Bitcoin has recorded a 0.8% increase for the day and a 0.5% increase for the week, according to data from CoinGecko. Analyst Valentin Fournier from BRN noted that after reaching a high of $68,850, Bitcoin corrected slightly but maintained a solid price level, indicating a potential accumulation phase around $67,500 that could lead to future price surges.
Expected Price Fluctuations
Market analyst Yuya Hasegawa from Bitbank mentioned that a pullback after a breakout is common and should not disappoint traders. “From a technical perspective, a little bit of pullback after a breakout is in line with the textbook,” he stated, highlighting the expected behavior of the market during this period. The recent trading activity indicates that around $30 billion worth of Bitcoin has changed hands in the past 24 hours.
Upcoming Economic Indicators
As traders look ahead, key economic reports are on the horizon. The personal spending report is scheduled for release on Halloween, October 31, followed closely by the jobs report on November 1. These reports are anticipated to act as significant catalysts for Bitcoin price movements in the coming week.
Additionally, the Federal Reserve will announce its next interest rate decision on November 7, just two days after the presidential election, adding another layer of market speculation.
Political Landscape and Market Impact
As for the political climate, Vice President Kamala Harris and former President Donald Trump remain very close in the polls, with FiveThirtyEight showing Harris slightly ahead at 48.1% compared to Trump’s 46.4%. In a surprising twist, a whale recently placed a $2 million bet on Harris to win on the crypto betting platform Polymarket. The platform has witnessed an explosive growth in betting activity related to the election, reaching a staggering $2.4 billion total bets, though some of its largest bettors are now facing increased internal scrutiny.
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