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In summary
- On Monday morning, Bitcoin price bounced above the $69,000 mark, although it has cooled slightly since then, falling to a current price of $68,925 at the time of writing.
- Traders are entering an extremely busy period for macroeconomic factors, including a new gross domestic product report for the third quarter and personal consumption data.
Déjà vu for the price of Bitcoin? BTC rose back above $69,000 during European trading hours, having set this recent high just last week.
On Monday morning, Bitcoin price bounced above the $69,000 mark, although it has cooled slightly since then, falling to a current price of $68,925 at the time of writing. However, it is up 2% on the day, according to data from CoinGecko.
Looking ahead, traders are entering an extremely busy period in terms of macroeconomic factors. This week will include a new gross domestic product report for the third quarter, personal consumption data (which is used to track inflation), and a new employment report on Friday.
“Together, these releases will provide a comprehensive overview of the strength of the economy, inflation trajectory and employment trends,” BRN analyst Valentin Fournier wrote in a note shared with Decrypt. “These factors can significantly influence the price trajectory of Bitcoin.”
Next Tuesday, November 5, Americans will head to the polls to vote in the close US presidential race between Vice President Kamala Harris and former President Donald Trump. Simply the fact that the election is taking place should boost the price of Bitcoin, Fournier said.
“Given the current phase of accumulation, upcoming macroeconomic data, and positive sentiment around the US presidential election, we believe Bitcoin is well positioned for a strong move higher,” he wrote. “We continue to recommend a substantial allocation to Bitcoin, with preference over Ethereum, to maximize potential gains.”
Meanwhile, Singapore-based Cryptocurrency trading firm QCP Capital noted that Trump’s recent podcast interview appears to have boosted his lead over Harris on cryptocurrency-based prediction market platform Polymarket.
“Trump’s interview on the Joe Rogan Experience podcast, published almost a week before the election, has gained significant traction with more than 32 million views, boosting his odds on Polymarket above 66%,” the firm wrote in a trading note on Monday.
But QCP, like BRN, believes Bitcoin’s bullish momentum is now less tied to Trump’s victory.
“Despite cryptocurrencies being touted as the ‘Trump Trade,’ BTC’s correlation with Trump odds appears to be weakening as it attempts to break above $70,000 and surpass its July highs,” the firm added.
Edited by Andrew Hayward
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