bullish

Bitcoin

when

Bitcoin’s <a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/bitcoin-price">(BTC) </a>price witnessed a sharp 8% correction between Oct. 29 and Nov. 3 and briefly dropped to $67,446 over the weekend. While the higher time frame (HTF) market structure remains bullish for BTC, the market expects a volatile trading session heading into the US presidential election results on Nov. 5.
Bitcoin’s current uptrend can be traced back to the lows formed at $52,510 on Sept. 6. Since then, each BTC correction during its higher high (HH) and higher low (HL) structure has retested the Fibonacci “golden zone” between 0.5 and 0.618.
The chart below shows Bitcoin exhibiting similar behavior, with prices closing above the 0.618 level over the weekend. A daily close above $68,500 over the next 48 hours would complete the lower time frame (LTF) bullish structure, with BTC immediately recovering above the $70,000 psychological level.
<figure><img alt="Bitcoin Price, Bitcoin Analysis, Markets, Bitcoin Futures, Binance, US Elections 2024" src="https://s3.cointelegraph.com/uploads/2024-11/0192f6a0-43fc-7b23-8427-2f2be85a217f" title="">
 <figcaption style="text-align: center;">
 Bitcoin 1-day chart. Source: TradingView
 </figcaption>
</figure>
Cold Blooder Shiller, an anonymous trader on X, <a data-ct-non-breakable="null" href="https://x.com/ColdBloodShill/status/1853194346457448921" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://x.com/ColdBloodShill/status/1853194346457448921">conveyed</a> a similar bullish projection, stating that the $69,200 level is “really important to claim back on the LTF.” The trader added,
<blockquote>
 “You can make a very strong case for holding above $69,000 on the daily as a good retest and sign of strength.”
</blockquote>
<h2 id="will-a-v-shaped-reversal-happen-at-66-000">Will a V-shaped reversal happen at $66,000?</h2>
Considering that Bitcoin lost the $68,500 level on the daily chart, the next area of interest is around $65,000-$66,000. Skew, an onchain analyst, <a data-ct-non-breakable="null" href="https://x.com/52kskew/status/1853238908865405141" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://x.com/52kskew/status/1853238908865405141">pointed</a> out that the Bitcoin market witnessed “persistent demand” around $65,000-$66,000 during its recent bullish rally, which pushed prices above $70,000 at the end of October.
<figure><img alt="Bitcoin Price, Bitcoin Analysis, Markets, Bitcoin Futures, Binance, US Elections 2024" src="https://s3.cointelegraph.com/uploads/2024-11/0192f6bb-fc28-7785-aa0b-7e9fbc31a0e9" title="">
 <figcaption style="text-align: center;">
 Bitcoin Binance spot buys analysis by Skew. Source: X.com
 </figcaption>
</figure>
During the rally, a market shift was observed between $66,000 and $67,000 on Binance, where spot buys pushed BTC’s value beyond the $69,000 mark. Hence, a clear area of liquidity and order book depth was established. Thus, this area remains a clear zone for future market bids.
As observed in the chart, the $66,000-$67,000 range acted as a key resistance level a couple of times before it was breached, and then, it supported BTC prices before its recent highs at $73,660.
<figure><img alt="Bitcoin Price, Bitcoin Analysis, Markets, Bitcoin Futures, Binance, US Elections 2024" src="https://s3.cointelegraph.com/uploads/2024-11/0192f6b6-89df-7d5f-94bd-a7ebbb1e733e" title="">
 <figcaption style="text-align: center;">
 Bitcoin 1-day chart. Source: TradingView
 </figcaption>
</figure>
Therefore, this key area could support Bitcoin for a potential V-pattern reversal after the commencement of US election results.
<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/btc-price-liquidates-200m-bitcoin-risks-66k-pullback" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/news/btc-price-liquidates-200m-bitcoin-risks-66k-pullback">Related: Bitcoin analyst sees $66K 'local bottom' as BTC price liquidates $200M</a>
<h2 id="bitcoin-traders-are-at-risk-of-liquidation">Bitcoin traders are at risk of liquidation</h2>
Irrespective of the election results, multiple crypto proponents believed that the long-term trajectory is “up only” for Bitcoin. Charles Edwards, the founder of Capriole Fund, <a data-ct-non-breakable="null" href="https://x.com/caprioleio/status/1853373031000994292" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://x.com/caprioleio/status/1853373031000994292">indicated</a> that the current BTC ETF trend clearly suggests that the market does not care who will be the US president in the long term.
Cobie, a popular crypto trader, shared in this view.
<figure><img alt="Bitcoin Price, Bitcoin Analysis, Markets, Bitcoin Futures, Binance, US Elections 2024" src="https://s3.cointelegraph.com/uploads/2024-11/0192f6d4-270c-7718-b6fe-e835dca9a2d0" title="">
 <figcaption style="text-align: center;">
 Source: X.com
 </figcaption>
</figure>
However, in light of a surprise Harris victory, Bitcoin could exhibit short-term price declines if traders choose to de-leverage long positions and remain sidelined for a few weeks until the market volatility cools down.
In such a scenario, a re-test to $62,000 is possible <a data-ct-non-breakable="null" href="https://www.coinglass.com/pro/futures/LiquidationHeatMap" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://www.coinglass.com/pro/futures/LiquidationHeatMap">since over $300 million</a> in leverage positions are around this price.
<figure><img alt="Bitcoin Price, Bitcoin Analysis, Markets, Bitcoin Futures, Binance, US Elections 2024" src="https://s3.cointelegraph.com/uploads/2024-11/0192f6e3-ff55-702c-ba42-e2b065b2c067" title="">
 <figcaption style="text-align: center;">
 Bitcoin liquidation heatmap. Source: CoinGlass
 </figcaption>
</figure>
An order block can also be observed around $62,000, and a price drop to that level could lead to a collective retest of the 50-day, 100-day, and 200-day EMA levels on the daily chart.
<figure><img alt="Bitcoin Price, Bitcoin Analysis, Markets, Bitcoin Futures, Binance, US Elections 2024" src="https://s3.cointelegraph.com/uploads/2024-11/0192f6e7-4e26-79ef-9250-c94304d61b5e" title="">
 <figcaption style="text-align: center;">
 Bitcoin 1-day chart. Source: TradingView
 </figcaption>
</figure>
<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/us-election-fed-rate-cut-5-things-bitcoin-this-week" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/news/us-election-fed-rate-cut-5-things-bitcoin-this-week">Related: US election vs. Fed rate cut — 5 Things to know in Bitcoin this week</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin price volatility expected ahead of US elections: Here are the price levels to watch

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