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Home Technical analysis BTC

Bitcoin Price Sinks 6% From Weekend Highs As Election Day Approaches

Tony Spilotro by Tony Spilotro
5 months ago
in BTC
Reading Time: 2min read
Bitcoin Price Sinks 6% From Weekend Highs As Election Day Approaches

Bitcoin Gold Color on the Flag of USA. Cryptocurrency on Background of Flag of United States of America

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Bitcoin price set a new higher high this weekend at over $14,000 and closed the highest monthly candle since December 2017, leaving just one higher monthly close to beat.

However, before that could happen, the leading cryptocurrency by market cap has been dragged down by pre-election uncertainty, and it could make for a rocky ride in the days ahead.

US Election Week Proves Too Uncertain For Crypto Bulls, Bitcoin Dives 6%

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The leading cryptocurrency by market cap over the weekend on Halloween had a treat for investors: set a new higher high for the first time since 2017.

bitcoin btc breakdown

Parabolic curve lost, and breakdown promptly beginning | Source: BTCUSD on TradingView.com

The significance of a higher high cannot be understated following the higher low set on Black Thursday. The two notable price swings make up the definition of an uptrend, essentially confirming that the crypto asset has broken out into a new bull market.

Related Reading | Bitcoin RSI Moves Into Bull Market Territory, Here’s What Happens Next

But the election week uncertainty caused the cryptocurrency to lose its parabolic curve, which helped carry the upward price momentum for the last two full months.

With the curve broken, Bitcoin already nosedived $800 or around 6%, but more downside is possible due to a short-term momentum shift.

bitcoin btc breakdown

Potential high timeframe support retest incoming? | Source: BTCUSD on TradingView.com

At this point in a now confirmed uptrend, any dips are likely to be bought by bullish investors will ferocity. Logical points where a retest might occur would lie around $11,500, which acted as the lift-off point when Bitcoin blasted through following news Square Inc. had purchased BTC.

Bullish news kept the crypto asset climbing, but the election was even too much for Bitcoin to shake off unscathed.

Featured image from Deposit Photos, Charts from TradingView.com
Tags: bitcoinbtcbtceurbtcgbpbtcjpybtcusdbtcusdcBTCUSDTcryptoxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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