2024

Value

Rise

Gains

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/market-concerns-rise-as-2024-us-presidential-elections-approach/" data-wpel-link="internal">Market Concerns Rise as 2024 US Presidential Elections Approach</a> 
As the 2024 US Presidential elections draw near, concerns among market participants are escalating. This anxiety is also prevalent in the <a href="https://en.coin-turk.com/markets-react-positively-to-trumps-potential-victory-in-the-presidential-elections/" data-wpel-link="internal"></a><a href="https://en.coin-turk.com/federal-reserve-keeps-interest-rates-unchanged-crypto-investors-await-next-moves/" data-wpel-link="internal">cryptocurrency</a> market. According to Matrixport’s analysis, Bitcoin’s (BTC) 21-day Relative Strength Index (RSI) remains in a neutral zone. Currently at 56%, the RSI is well below the overbought threshold of 70%, indicating that Bitcoin is neither in an overbought nor oversold position. 
<h2 style="text-align: justify" id="strong-bitcoin-s-rsi-value-draws-attention-strong">Bitcoin’s RSI Value Draws Attention</h2> 
Bitcoin’s 21-day RSI suggests that the price is not in an overbought or oversold zone. In March, when the RSI reached 80%, it led to a sharp decline in the cryptocurrency market. 
<img decoding="async" class="aligncenter size-full wp-image-403396" src="https://coin-turk.com/wp-content/uploads/2024/11/GbhSIe0aUAAy4Bd.jpeg" alt="" width="1600" height="900"> 
Similarly, in July and August, when the RSI dropped to 25%, a significant price recovery occurred. According to Matrixport’s analysis, the current neutral RSI conditions make investors less vulnerable to price fluctuations, suggesting that volatility may decrease after the elections. 
<h2 style="text-align: justify" id="strong-volatility-selling-strategy-gains-interest-strong">Volatility Selling Strategy Gains Interest</h2> 
Matrixport analysts indicate that maintaining a neutral RSI level ahead of the 2024 US Presidential elections highlights volatility selling as a potential strategy this week. They anticipate that reduced uncertainties post-elections could lead to a decline in risk premiums, prompting analysts to encourage investors to seize this opportunity. 
Currently, Bitcoin is trading at $68,850, having risen by 0.52% in the last 24 hours. The largest cryptocurrency had reached $73,500 last week but has since been on a downward trend, dropping to $67,500 over the weekend. Analysts assert that for the price to enter a sustained upward trend, it must maintain a position above the psychological barrier of $70,000 and break the previous record level of $73,750. 
The post <a href="https://en.coin-turk.com/market-concerns-rise-as-2024-us-presidential-elections-approach/" data-wpel-link="internal">Market Concerns Rise as 2024 US Presidential Elections Approach</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Market Concerns Rise as 2024 US Presidential Elections Approach

Table of Contents

COINTURK NEWS

Other articles published on Nov 4, 2024

Election Euphoria Sparks $2.2 Billion Inflows, With Bitcoin as the Sole Beneficiary

Monthly Progress Report — October 2024

Robert Kiyosaki Warns of U.S. Banking Sector Crash

Chainlink and ANZ Collaborate on Private Transactions for Tokenized Real-World Assets

4 low-cap crypto options investors may consider adding to portfolios this November

Crypto Market Crash? Smart Investors Are Buying the Dip in These 4 Altcoins

Join our free newsletter for daily crypto updates!