Bitcoin the bellwether to watch as US election results roll in
Bitcoin trades lower this morning at $67,807 (-1.60%). In the early part of this week, the focus has been on the final set of US election polls, revealing that pro-crypto presidential candidate Trump's election lead has evaporated.
BTC appears to have picked up on that shift in sentiment in the middle of last week, as it heads for a sixth consecutive session of losses. This makes it a good bellwether to watch tomorrow as the vote counting commences.
Technically, Bitcoin needs to see a sustained break above resistance at $74,000 to confirm the uptrend has resumed towards $80,000. Aware that a sustained retreat below support at $65,000 signals that last week's break higher has failed and that Bitcoin has returned to the safety of its seven-month trend channel, viewed on the chart below.
BTC appears to have picked up on that shift in sentiment in the middle of last week, as it heads for a sixth consecutive session of losses. This makes it a good bellwether to watch tomorrow as the vote counting commences.
Technically, Bitcoin needs to see a sustained break above resistance at $74,000 to confirm the uptrend has resumed towards $80,000. Aware that a sustained retreat below support at $65,000 signals that last week's break higher has failed and that Bitcoin has returned to the safety of its seven-month trend channel, viewed on the chart below.
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