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BTC Rally Stalls for Now
Following a strong rally last week, which saw price breaking above the bear trend line from YTD highs, Bitcoin prices have stalled for now into a test of the 69,355 level. This is a key resistance area for the market, having capped the rally over early summer. Despite initial selling into the level, the focus remains on a continuation higher near-term and an eventual breakout. Seasonal trends in Bitcoin point to October as one of the best performing months for BTC and last week’s rally is encouraging that further bullish momentum is coming, particularly with the surge in institutional demand seen last week as ETF inflows hit record levels.
US Elections Uncertainty
Near-term, the US elections will be the key driver for BTC. The market has now taken the view that the elections should ultimately prove bullish for BTC, regardless of who wins. However, a Trump win is still preferred by the crypto community given his pledges of support for the crypto sector. If Trump succeeds, BTC looks poised to rally sharply as traders prepare for an easier crypto regulatory framework and greater institutional access. If Harris wins, BTC is expected to remain supported though the upside reaction should be far more tempered. Looking ahead, incoming polling results and headline ahead of the elections should drive BTC movement and institutional flows.
Technical Views
BTC
The rally in BTC has seen price breaking above the bear trend line from YTD highs, though the move has stalled for now into the 69,355 level. With momentum studies bullish, focus is on a continuation higher and a test of the 72,550 level next and the bull channel highs.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.