Bitcoin price remains steady as countdown to US presidential election

of bitcoin price Just 10 days before the US presidential election, it appears to have settled into a plateau. Analysts are now expecting next week's inflation and employment data to be the next big catalyst for BTC's price movement.

Bitcoin has retreated a bit since testing the $70,000 level earlier this week, gaining 0.8% on the day and 0.5% for the week, and settling around $68,000, according to data from CoinGecko.

“Bitcoin corrected slightly towards the end of the day after reaching a high of $68,850, but maintained a solid price level,” BRN analyst Valentin Fournier said in a note shared. I mentioned it inside. decryption. “This suggests a potential accumulation phase around $67,500, which could pave the way for a subsequent price surge.”

Yuya Hasegawa, a market analyst at Japanese cryptocurrency exchange BitBank, said a slight decline in prices is expected.

“From a technical perspective, the slight pullback after the breakout is textbook, so the market doesn't need to be too disappointed with this week's price action,” he said. decryption.

The world's oldest and largest cryptocurrency by market capitalization saw $30 billion worth of BTC traded in the past 24 hours, according to data from CoinGecko.

Bitcoin braces next week

Over the coming week, Hasegawa said traders should keep an eye on the Personal Expenditure Report, which is scheduled to be released on Halloween, or October 31st, and the Employment Report, due out on November 1st.

In addition to these reports, the Federal Reserve is scheduled to announce its next interest rate decision on November 7th, just two days after the presidential election.

As of yesterday, Vice President Kamala Harris and former President Donald Trump remained close in the polls. On FiveThirtyEight, Harris has 48.1% of respondents, slightly ahead of Trump's 46.4%.

Cryptocurrency betting site Polymarket recently placed a $2 million bet for Whale to beat Harris. The move comes on the heels of reports that some of the companies whose largest election stakes on the platform have grown to $2.4 billion are facing further internal scrutiny.