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Bitcoin Price Declines as Traders Adjust to Trump’s Diminishing Election Odds

Bitcoin’s price fell by over 6.5% following a drop in former President Donald Trump’s election odds, prompting investors to reduce risk amid market uncertainty.

• Main Points:

  • Election influence: Bitcoin fell to $69,200 as Trump’s election odds declined.

  • “Trump hedge” fades: BTC had surged as Trump’s lead grew but is now retracing.

  • Overbought correction: BTC hit overbought levels, leading to a 4.65% price drop.

  • Rising wedge risk: BTC’s trend shows a bearish rising wedge pattern.

• Detailed Insights:

  • Election influence: Bitcoin’s recent high of $73,600 mirrored Trump’s rising election odds, but it declined as odds shifted.

  • “Trump hedge” fades: BTC’s rally cooled as it briefly approached its $73,794 March peak.

  • Overbought correction: BTC’s RSI reached 70, triggering a typical overbought pullback.

  • Rising wedge risk: Bitcoin returned to its ascending channel, potentially signaling lower support at $68,000.

  • Downside target: BTC could correct further to $55,500–$58,000 if bearish pressure continues.

Related: Bitcoin ETF Inflows Near $1B Daily, Raising Fears of a “FOMO” Top

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Bitcoin Drops Below $70K as Short-Term Holders Offload $4B in BTC

Bitcoin price dipped below $70,000, prompting short-term holders (STHs) to sell at a loss. Over $4 billion in BTC was moved to exchanges as volatility spurred panic.

• Main Points:

  • STH panic selling: STHs sent 54,000 BTC to exchanges on Oct. 31 amid price drop.

  • Loss-driven moves: Many STHs sold at a loss as BTC reversed from near highs.

  • Profit margins shrink: STH profit ratios dropped to near breakeven levels.

  • Key support level: Exchange liquidity shows BTC support at $68,000.

• Detailed Insights:

  • STH panic selling: Glassnode data shows the highest BTC STH sell-off since April.

  • Loss-driven moves: With BTC at $69,450, traders rushed to cut losses, intensifying volatility.

  • Profit margins shrink: STH profit margin dipped below 1.01, reflecting minimal gains.

  • Key support level: Exchange orders suggest BTC could stabilize around $68,000.

  • Election-related caution: Analysts urge caution, as BTC may stabilize after U.S. election results.

Related: Solana Price Dips Amid Declining Network Activity and Bearish Signals

Bitcoin Gains 11% in ‘Uptober’ as Traders Eye Potential “Nuclear” Rally

Bitcoin rose 11% in October, sparking trader optimism about a potential “nuclear” rally due to tight supply on over-the-counter (OTC) exchanges.

• Main Points:

  • Uptober gains: BTC gained 11% in October, closing at $72,335.

  • OTC shortage rumors: Traders speculate OTC exchanges are “running dry” on BTC.

  • Potential price squeeze: Analysts suggest low supply could trigger rapid BTC price gains.

  • Retail FOMO alert: Traders predict media coverage could drive retail investors to exchanges.

• Detailed Insights:

  • Uptober gains: BTC climbed from $65,634 on Oct. 1 to $72,335 by month-end, reaching $70K for the first time since June.

  • OTC shortage rumors: Rumors suggest institutions are heavily buying BTC via OTC, causing scarcity.

  • Potential price squeeze: Analysts like The Bitcoin Therapist warn that reduced supply could create a price squeeze.

  • Retail FOMO alert: Trader Alex Becker predicts a new ATH could trigger a retail buying frenzy.

  • Market status: BTC trades at $69,547, just below October’s peak, with further bullish sentiment intact.

Related: MicroStrategy Shares Dip as Q3 Earnings Miss Analyst Expectations

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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results