What a wild day for Bitcoin! It dipped below $69k, almost reached $72k, and then settled back to $69k—all within a few hours. The volatility is here, and while it may present opportunities, caution is advised.
We've been emphasising that as the U.S. election approaches and uncertainty grows, Bitcoin’s volatility will likely continue to increase. Earlier this week, Trump was favored by bettors, with Polymarket giving him a 67% chance of victory and Sportsbet paying $1.53 for his win. Meanwhile, polls and sentiment suggested a much closer race. Over the last few days, however, Harris has gained ground, and Trump’s chances on Polymarket have dipped to 58%.
It’s no coincidence that when Bitcoin was testing all-time highs, Trump’s probability of winning was also at its peak. Now, as his chances have declined, Bitcoin has similarly pulled back. Many view Trump as pro-Bitcoin, seeing him as a bullish catalyst over the past year. Bitcoin has endured over a decade of scrutiny from politicians and governments and recently gained significant acceptance and adoption. Regardless of which party wins next week, our bullish stance on Bitcoin remains, and we view any potential dips as buying opportunities.
If you feel underexposed or worry about missing out, now is a good time to bolster your Bitcoin position before the new all time highs are made. You’re still early, and if you have long-term confidence in the crypto space, this is an ideal time to enter. Contact your Stormrake Crypto Broker to seize these golden opportunities.
Stormrake Spotlight: DOGE ($0.1608)
Stormrake Spotlight: DOGE ($0.1608)
Doge has remained resilient and is one of the few coins holding gains since Tuesday. During uncertain times, we recommend focusing on strengthening your Bitcoin position rather than venturing into altcoins. Once Bitcoin resumes its upward trend and market uncertainty fades, then consider solid altcoins like Doge.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
As mentioned, Bitcoin was extremely volatile overnight. After dropping below $69k, it found strong support from the 200 moving averages and the monthly CPR pivot level. Bitcoin then bounced and retested the $71.7k target before being met with major selling pressure, resulting in a -3% hourly candle. BTC remains in a neutral trend, with significant support at $69k, which will likely hold before another move higher.
BTC Total ETF Flows for 1 Nov: $ - 54.9 million
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
ETH/USD Key Levels and Price Action:
ETH/USD Key Levels and Price Action:
As expected, Ethereum continues to underperform Bitcoin, both on the upside and downside. Unlike BTC, ETH is in a bearish trend, trading below all moving averages, the key $2,556 level, and all the monthly CPR levels. The only scenario in which ETH could rally is if BTC reclaims its bullish momentum.
ETH Total ETF Flows for 1 Nov: $ - 11.4 million
(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
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Written by Alexandar Artis
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