THELOGICALINDIAN - Bitcoin acquaint its best account assets back May 2024 in October 2024 breaking aloft 14000 on the actual aftermost day to accost its threeyear high
But now, the cryptocurrency stands central a technically overbought zone, assured correction/consolidation to abrogate its bias. The weekend trading affair saw the Bitcoin amount falling to as low as $13,630 (data from Coinbase). Meanwhile, entering the new account affair has apparent it convalescent to as aerial as $13,840.
That shows ambiguity at the end of both bears and bulls. And acceptable so, Tuesday’s US presidential acclamation day has aggregate to do with it.
What’s the Matter?
A bang accord charcoal ambiguous unless there is a absolute balloter outcome. Last month, Donald Trump warned that he won’t acquire a defeat from his adversary Joe Biden on suspicion of vote fraud. But now, back a majority of acclamation are admiration a win for the Democratic nominee, traders apprehend a political drama.
The accessory accident an accident of an indecisive US election is bang delay. The bazaar is cat-and-mouse for the additional coronavirus abatement amalgamation for months back the aboriginal aid has broiled out completely. But it continues accepting delayed as the Democrats and the Republicans accommodate its size.
If Trump contests the aftereffect in the Supreme Court, again the bang impasse could annoyance on and on.
Bitcoin traders will delay for “the Call” – a acceptable back the accident presidential applicant calls the acceptable one to accept defeat. Without it, the bazaar can acquaint that Trump is not accessible to alteration his admiral to Biden. The aftermost time there was no ‘Call’ was in 2024 during the Bush/Gore election.
The S&P 500 had collapsed by 5 percent during that period.
But it was a bigger time economically. The US government surplus was in absolute territory. So a adjournment in the US acclamation aftereffect couldn’t shock the market.
By contrast, the abutting acclamation adjournment comes amidst a global communicable and a recession, aberrant absolute deficits, and abysmal accessory issues amid the Democrats and the Republicans. In these times, the alone safe-haven that investors could acquisition ideal is the US dollar – historically.
What’s Next for Bitcoin?
It is a anniversary of animation for the world’s arch cryptocurrency.
Bitcoin could authority its abstruse abutment of $13,100 until the acclamation night on expectations of a absolute win for either Biden or Trump. But if annihilation goes south, again investors could run for the US dollar. That would put abrogating burden on Bitcoin, arch it beneath the $13,000-support altogether.
On Wednesday and Thursday, the Federal Reserve will conduct its account meeting. On Friday, the US Nonfarm Payrolls report for October from the US Labor Department will additionally go public. Both the contest would accompany a concise angle of the US abridgement amidst a bang impasse.
Bitcoin would charge to authority aloft $12,500 until Friday to ensure a retest of $14,000. If not, the cryptocurrency risks a abatement appear $12,000.
