2024

Bitcoin

Elon Musk

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>This week, important macroeconomic events can affect Bicoin’s price ahead of the US elections.</li> 
 <li>BTC just recorded a price rally, surpassing $68,500.</li> 
</ul> 
<p>Bitcoin kicked off the week ahead of the 2024 US elections with a price rally above the important level of $68,000.</p> 
<p>At the moment of writing this article, BTC is trading above $68,500, up by over 2% in the past 24 hours.</p> 
<figure id="attachment_52350" aria-describedby="caption-attachment-52350" style="width: 100%" class="wp-caption alignnone">
 <a href="https://crypto.ro/en/wp-content/uploads/2024/10/BTC_1D_graph_coinmarketcap-97.jpeg"><img loading="lazy" decoding="async" class="wp-image-52350 size-full" src="https://crypto.ro/en/wp-content/uploads/2024/10/BTC_1D_graph_coinmarketcap-97.jpeg" alt="BTC price in USD today" width="1200" height="800" title="Bitcoin Price Breaks $68,000 - Top Events to Watch This Week: October 28 - November 1 25" srcset="https://crypto.ro/en/wp-content/uploads/2024/10/BTC_1D_graph_coinmarketcap-97.jpeg 1200w, https://crypto.ro/en/wp-content/uploads/2024/10/BTC_1D_graph_coinmarketcap-97-300x200.jpeg 300w, https://crypto.ro/en/wp-content/uploads/2024/10/BTC_1D_graph_coinmarketcap-97-1024x683.jpeg 1024w, https://crypto.ro/en/wp-content/uploads/2024/10/BTC_1D_graph_coinmarketcap-97-768x512.jpeg 768w, https://crypto.ro/en/wp-content/uploads/2024/10/BTC_1D_graph_coinmarketcap-97-750x500.jpeg 750w, https://crypto.ro/en/wp-content/uploads/2024/10/BTC_1D_graph_coinmarketcap-97-1140x760.jpeg 1140w" sizes="(max-width: 1200px) 100vw, 1200px"></a>
 <figcaption id="caption-attachment-52350" class="wp-caption-text">
  BTC price in USD today
 </figcaption>
</figure> 
<p>This week is filled with important macroeconomic data that could affect the coin’s price.</p> 
<h2 id="top-events-of-the-week-potentially-affecting-btc-price-trajectory">Top Events of the Week, Potentially Affecting BTC Price Trajectory</h2> 
<p>Greeks.live listed the most important events to watch this week, as the elections in the US are gradually approaching:</p> 
<ol> 
 <li>US October ADP Employment data will be released. (October 30)</li> 
 <li>US Q3 Real GDP Preliminary annualised Quarterly Rate will be revealed. (October 30)</li> 
 <li>Binance Blockchain Week debuts. (October 30)</li> 
 <li>Bank of Japan will release interest rate resolution and outlook report. (October 31)</li> 
 <li>The US core PCE price index for September will be released. (October 31)</li> 
 <li>US initial jobless claims for the week will be out. (October 31)</li> 
 <li>US Unemployment Rate for October will be released. (November 1)</li> 
 <li>The US Non-Farm Payrolls for October data is set to be released. (November 1)</li> 
 <li>The US October ISM Manufacturing PMI data will be revealed. (November 1)</li> 
 <li>Apple’s earnings report is set to be released. (November 1)</li> 
</ol> 
<p>All these events are important and might affect the price of Bitcoin and the crypto market’s trajectory, following a weaker week during which BTC failed to reach a new ATH.</p> 
<h2 id="bitcoin-s-ivs-expected-to-rise">Bitcoin’s IVs Expected to Rise</h2> 
<p>Greeks.live <a href="https://x.com/GreeksLive/status/1850361043421368815" rel="nofollow" target="_blank">noted</a> that Bitcoin’s short- and medium-term IVs are currently at lower levels, below 40%, but more elevated IVs are expected next week when the US elections take place.</p> 
<figure id="attachment_52351" aria-describedby="caption-attachment-52351" style="width: 100%" class="wp-caption alignnone">
 <a href="https://crypto.ro/en/wp-content/uploads/2024/10/28oct.png"><img loading="lazy" decoding="async" class="wp-image-52351 size-full" src="https://crypto.ro/en/wp-content/uploads/2024/10/28oct.png" alt="Polymarket" width="1140" height="466" title="Bitcoin Price Breaks $68,000 - Top Events to Watch This Week: October 28 - November 1 26" srcset="https://crypto.ro/en/wp-content/uploads/2024/10/28oct.png 1140w, https://crypto.ro/en/wp-content/uploads/2024/10/28oct-300x123.png 300w, https://crypto.ro/en/wp-content/uploads/2024/10/28oct-1024x419.png 1024w, https://crypto.ro/en/wp-content/uploads/2024/10/28oct-768x314.png 768w, https://crypto.ro/en/wp-content/uploads/2024/10/28oct-750x307.png 750w" sizes="(max-width: 1140px) 100vw, 1140px"></a>
 <figcaption id="caption-attachment-52351" class="wp-caption-text">
  Polymarket
 </figcaption>
</figure> 
<p>Speaking of the upcoming elections, following Donald Trump’s weekend<a href="https://www.businessinsider.com/donald-trump-rally-elon-musk-save-department-government-efficiency-2024-10" rel="nofollow noopener" target="_blank"> rally in NYC</a> which Elon Musk also attended, Trump’s election-winning odds have increased above 66%. According to Polymarket data, Trump is leading Kamala Harris by 66.3% to 33.9%.</p> 
<p>Previously, Bernstein analysts have highlighted <a href="https://crypto.ro/en/news/bitcoin-october-rally-a-sign-of-markets-pricing-in-a-potential-trump-2024-elections-victory/">a correlation</a> between Trump’s rising odds of becoming the US President this year and BTC’s recent price rallies.</p> 
<p>Another factor contributing to Bitcoin’s optimistic debut this week is that BTC ETFs recorded almost $1 billion in inflows between October 21 and October 25, according to<a href="https://sosovalue.xyz/assets/etf/us-btc-spot" rel="nofollow noopener" target="_blank"> SoSoValue</a> data, among other significant <a href="https://crypto.ro/en/news/pennsylvania-passes-digital-assets-authorization-act-with-bipartisan-support/">crypto events</a>.</p>

Bitcoin Price Breaks $68,000 – Top Events to Watch This Week: October 28 – November 1

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