Bitcoin price sustained its upside on Monday, rising for the third successive day for the first time in twelve days. BTC price was at $68,548 at the time of writing, with its daily gains at 0.9 percent. However, the gains also raise the prospect of psychological resistance, as it approaches the $69k mark that has proven to be a barrier in recent days.
The repeated resistance around the $69k territory saw Bitcoin price lose 0.6 percent in the last week, and the resulting sentiment will exert downward pressure on the crypto coin. Bitcoin’s price volatility is likely to rise significantly in the next week as the US presidential elections enters the homestretch.
The prospect of a Donald Trump win is one of the key supports for the coin, as he is a known crypto supporter. That is especially critical after news that the US government has instituted investigations against the stablecoin, Tether.
The Wall Street Street Journal reported last week that Tether was under probe for potential violation of anti-money laundering and sanction laws. However, the company’s CEO, Paolo Arduino, has since denied the allegations, offering a reprieve to crypto investors.
Meanwhile, the Middle East tension is likely to cool down significantly as Iran seems reluctant to respond to Israel’s attacks on its military installations on Saturday. Iran has said that it will respond to the attacks, but does not intend to pursue a war path.
Bitcoin price will likely be on the uptrend if the action stays above the 68,500 pivot mark. The resulting momentum will support gains to encounter the first resistance at 68,687. However, if the buyers extend their control, it could enable further gains to break above that resistance and test 68,930.
On the other hand, moving below 68,930 will favour the sellers to be in control. In that case, the first support will likely be at 68,320, but a stronger downward support could break below that level to invalidate the upside narrative. Also, that could extend losses to test the second support at 68,175.
This post was last modified on Oct 28, 2024, 11:55 GMT 11:55