United

Bitcoin

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin’s price volatility has hit a 3-month high, possibly influenced by the upcoming U.S. elections.</li> 
 <li>Increased buying pressure on Bitcoin suggests a potential price hike in the near future.</li> 
</ul>  
<p>The upcoming elections in the United States have had varied impacts on different sectors, and the cryptocurrency market is no exception. </p> 
<h2 id="bitcoin-volatility-and-the-u-s-elections">Bitcoin Volatility and the U.S. Elections</h2> 
<p>In the lead up to the election, the volatility of the crypto market has seen a significant increase. The overall crypto market’s volatility reportedly reached a high of 66.7. As usual, <a href="https://coineagle.com/price/bitcoin/">Bitcoin (BTC)</a> is at the forefront of this trend, with its volatility reaching a 3-month peak. </p> 
<p>An interesting pattern has emerged on the volatility chart, which has been consolidating since July. Currently, Bitcoin’s volatility is testing the resistance of this pattern with a value of 63.72. If the chart surpasses this resistance, investors may witness increased volatility following the election results. </p> 
<h2 id="buying-pressure-and-price-hikes">Buying Pressure and Price Hikes</h2> 
<p>On-chain data analysis reveals that Bitcoin’s exchange reserves are decreasing, indicating a high buying pressure on the coin. This increased buying pressure often leads to price hikes. Over the past 24 hours, Bitcoin has experienced a slight price increase and is currently trading at $68.75k. </p> 
<p>However, not all indicators are positive for Bitcoin. More investors are reportedly selling at a profit, which could suggest a market top in the midst of a bull market. Furthermore, the red Coinbase premium suggests that investors are currently hesitant to buy Bitcoin amidst the election buzz. </p> 
<p>Despite these factors, the technical indicator MA Cross suggests that the bulls are in the lead, indicating a successful support level test. Therefore, if Bitcoin’s volatility continues to rise, its price may potentially reach $73k again. </p> 
<p>Please note, this is not financial advice and it’s always recommended to do your own research.</p>

Bitcoin’s Volatility Peak Sparks Massive Crypto Liquidations: A 3-Month High Analysis

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CoinEagle.com

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