BTCUSD Analysis

The resolution of political uncertainty has sparked capital inflows, driving Bitcoin to rebound back to $80,000, with technicals signaling more than 8% further upside potential.

Regulatory concerns sparked by the Democrats gaining an edge in the election sent Bitcoin prices tumbling below $76,000, hitting a nearly two-month low.

With the US midterm elections underway, the crypto market declined by 2%, and BTC fell below $77,000.

Although BTC could potentially retest its low and drop back to near $57,000 in November, the resolution of uncertainties—especially if the Clarity Act is approved—will quickly attract sidelined capital back into risk assets. This makes a Bitcoin breakthrough above $100,000 highly probable, though the timing is more likely to fall between mid-to-late November and the end of December, rather than on the November 3 voting day itself.

TradingKey - On October 30, gold (XAUUSD) and Bitcoin (BTC) remained under pressure. U.S. PCE inflation data for September showed year-on-year increases in both headline and core inflation. Coupled with the Federal Reserve holding interest rates steady while delivering a hawkish signal, market expectations for another rate hike in December further intensified. After falling more than 1% in the previous trading session, spot gold briefly dipped below $4,000 intraday today, while Bitcoin extended its decline, dropping below $77,000 at one point to hit a six-week low.

Binance suffered a major hack with potential losses reaching $2 billion, sparking a wave of panic selling across the cryptocurrency market.

The Federal Reserve held rates steady as expected, driving a strong rebound in crypto assets, with Bitcoin returning to $81,000.

TradingKey - As of the European trading session on October 27, Bitcoin (BTC) fell below the $80,000 mark, trading at around $79,900. Meanwhile, Strategy (MSTR), the world's largest corporate Bitcoin holder, recently paused its Bitcoin purchases, ending a five-week buying streak.

Bitcoin has fallen below the $80,000 mark. With the October FOMC decision approaching, it risks dropping further to test the $75,000 level.

A sell-off by the Foundation triggered selling pressure, causing ETH to fall below the critical $2,300 support level again, with technical indicators suggesting a potential further 13% decline.