2024

Donald Trump

<ul class="wp-block-list"> 
 <li>Bitcoin continued to trade at $69K, marking a brief gain of 0.79% in the last 24 hours.</li> 
 <li>Historically, BTC has tended to dip before U.S. elections due to political uncertainty.</li> 
</ul> 
The U.S. presidential election of 2024 might impact the cryptocurrency market. Donald Trump assured that the US would evolve as a global crypto leader and likely establish a national Bitcoin reserve. Trump’s victory and pro-stance in crypto could lead to a surge in crypto prices.&nbsp; 
Whereas Kamala Harris has taken a cautious approach toward crypto. Harris has remained silent on crypto often but hinted at policies that could balance the regulations.&nbsp; 
However, Bitcoin’s price seems to move in sync with the <a href="https://thenewscrypto.com/us-elections-fuel-optimism-in-crypto-markets-as-btc-nears-69k/" target="_blank" rel="noreferrer noopener">election</a> odds. An analyst <a href="https://x.com/milesdeutscher/status/1852984089860841567" target="_blank" rel="noreferrer noopener nofollow">noted</a> that if Trump wins, it could boost Bitcoin, as markets expect crypto-friendly policies. On the other hand, Kamala’s victory might weigh on Bitcoin, with regulatory crackdowns.&nbsp; 
As per analyst <a href="https://x.com/Ashcryptoreal/status/1852614944602128395" target="_blank" rel="noreferrer noopener nofollow">analysis</a>, the U.S. election is bullish for Bitcoin, yet BTC experienced a certain dip. In 2016, Bitcoin dropped by 10.2%, and in 2020 by 6.1%. This pre-election plunge doesn’t invalidate the bullish momentum, as election results and policies tend to lift Bitcoin.&nbsp; 
Notably, the BTC bears are restraining the bulls from making the move. The recent bullish outlook is diminishing, and Bitcoin is at a crucial juncture, with its price positioned at $69K. 
Over the last 24 hours, the BTC price recorded a 0.79% gain. BTC climbed from a low of $67,482 to a high of $69,433. At press time, BTC traded at $69,081, as per CMC <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noreferrer noopener nofollow">data</a>. Consequently, BTC stays in the greed zone as the Fear and Greed Index stays at 70.&nbsp; 
<h3 class="wp-block-heading" id="h-what-s-ahead-for-btc-price">What’s Ahead for BTC Price?</h3> 
Inferring the four-hour <a href="https://thenewscrypto.com/will-bitcoin-btc-present-a-prime-buying-opportunity-this-november/" target="_blank" rel="noreferrer noopener">BTC</a> price chart reveals the possibility of a downside correction. If the asset fails to hold its ground around $68.5K, analysts predict a steady decline below $68K. This price zone appears to be crucial for BTC. On the flip side, if the Bitcoin price breaks the nearby resistance at $69.4K, BTC could rally toward the $69.9K range. 
Besides, Bitcoin’s four-hour technical indicators displayed the asset’s brief negative momentum. The Moving Average Convergence Divergence (MACD) line is located beneath the signal line, signaling the incoming bear run.&nbsp; 
<div class="wp-block-image"> 
 <figure class="aligncenter">
 <img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfnv8_8W8yYtoO63MGnlgTpwkPF_0rGMaqZ2WbsYMCMscnAZ6t9J0yxAVGSoggfro8lKoAeRhlukq6NbMdiuFIGVV1DK6_KsL_GvmdsV1sXrfhILzyFSsnhCKw-vIPiCrqMA52oC28DJd9aE9UGEZKSZi4?key=O2JI39qrPUIGOJhCFKweREpp" alt="">
 </figure>
</div> 
Moreover, it’s pivotal to note that the Chaikin Money Flow (CMF) indicator is at -0.13, suggesting a decreased money flow. Meanwhile, BTC’s daily trading volume has reached $33 billion, surging by over 42%.&nbsp; 
The current market sentiment of Bitcoin is <a href="https://in.tradingview.com/chart/AHwivr5C/?symbol=BINANCE%3ABTCUSD" target="_blank" rel="noreferrer noopener nofollow">neutral</a>, as the daily relative strength index (RSI) is sitting at 45.90. The asset’s daily frame displays the short-term 50-day MA above the long-term 200-day MA.

How Bitcoin Price May Respond to the 2024 US Election Results?

Table of Contents

TheNewsCrypto

Other articles published on Nov 4, 2024

Panic Wave In Crypto: Ripple Is About To Trigger A Devastating Sell-off!

When Will the Correction in Altcoins End? When Will Altcoins Start to Rise? Analyst Explained!

Solana Whale Offloads 265K SOL Amid Market Downturn

Digital Asset Investments See $2.2B Inflows Last Week, Totalling Record $29.2B Year-to-Date

Bitcoin Shows Strong Resilience Amid Healthy Correction and Election Volatility

Could Robinhood’s U.S.-Only Election Market Predict Results Better by Excluding Foreign Influence?

Join our free newsletter for daily crypto updates!