Bitcoin prices have found some stability as we approach the U.S. presidential election in just ten days. Analysts are now turning their attention to upcoming inflation data and the jobs report. These could be key drivers for Bitcoin's price movements.
After reaching nearly $70,000 earlier this week, Bitcoin has dipped slightly. It’s currently hovering around $68,000, showing a 0.8% increase today and a 0.5% rise over the week, according to CoinGecko.
“After hitting a high of $68,850, Bitcoin corrected a bit by the end of the day but held a strong price level,” said BRN analyst Valentin Fournier in a note shared with Decrypt. “This suggests a potential accumulation phase around $67,500, which could lead to a price surge.”
Yuya Hasegawa, a market analyst at Bitbank, pointed out that this pullback is quite normal.
“From a technical perspective, a slight pullback after a breakout is expected,” he explained. “Traders shouldn’t be too concerned about this week’s price action.”
In the past 24 hours, Bitcoin has seen $30 billion in transactions, according to CoinGecko data.
Looking ahead, Hasegawa mentioned that traders should keep an eye on the personal spending report due on Halloween, October 31, and the jobs report on November 1.
Additionally, the Federal Reserve will announce its interest rate decision on November 7, just two days after the election.
As of yesterday, Vice President Kamala Harris and former President Donald Trump are neck and neck in the polls. FiveThirtyEight shows Harris slightly ahead at 48.1% compared to Trump’s 46.4%.
On the betting platform Polymarket, a big wager of $2 million was recently placed on Harris to win. After that, reports surfaced that some of the platform's major bettors, who have collectively bet $2.4 billion, are facing increased scrutiny.