The BTC/USD chart shows the following:

→ Bitcoin’s all-time high is around $73,750 per coin, set on March 14, 2024, amid peak investor interest after the SEC approved a Bitcoin ETF on January 11.

→ This autumn, Bitcoin’s price is exhibiting positive momentum, partly fueled by the potential for Donald Trump to win the U.S. presidential election (with results expected on November 6). At a July cryptocurrency conference in Nashville, Trump promised support for the industry, raising hopes among crypto investors that his victory could drive Bitcoin prices to $100,000 or higher. Standard Chartered’s analyst has predicted that BTC/USD could reach $125,000 if Trump wins.

→ This week, Bitcoin’s price approached its all-time high but turned downward (as indicated by the arrow) just shy of reaching it, and has since fallen below the psychological level of $70,000 per coin.

What’s next?

Today’s technical analysis of the BTC/USD chart suggests:

→ Bitcoin’s autumn price fluctuations are forming an upward channel (shown in blue), constructed using linear regression. Currently, BTC’s price is positioned in the channel’s lower half.

→ The $69k level, which previously acted as resistance, now serves as support, though it may be breached, in which case the price may move toward the channel’s lower boundary.

The Crypto Fear and Greed Index currently stands at 75, indicating a “Greed” sentiment. Given this high level of emotional volatility, it’s possible that:

→ The recent drop represents a short-term correction after the RSI indicator flagged the market as overbought in the lead-up to the election and the approach of the all-time high.

→ The overall uptrend may persist, potentially pushing Bitcoin toward a new record high.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.

*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under AFSL 412871 – ABN 61 143 678 719 respectively. They are not available for trading by Retail clients.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.