Bitcoin Tests $70,000 Amid US Election Volatility

As the US presidential elections commenced, volatility surged significantly, as experts had predicted. The price of digital gold unexpectedly tested the $70,000 level before experiencing a slight correction.

November 5, 2024 | 18:34Update:

The price of Bitcoin resumed its upward trend, maintaining positions above the $70,000 level.

At the time of writing, the leading cryptocurrency is trading around $69,500.

Most users of the decentralized prediction platform Polymarket lean towards a victory for Donald Trump:

Where is Bitcoin’s “Bottom”?

Economist Alex Krüger assessed a 50% probability that Bitcoin will not fall below the $60,000 level again.

50% probability of Bitcoin never trading below 60K again

— Alex Krüger (@krugermacro) November 5, 2024

Some notable industry participants, such as Blockstream founder Adam Back, suggest that the “bottom” of the first cryptocurrency’s price is slightly above the $40,000 mark (200-week moving average).

The Cumulative Value Days Destroyed (CVDD) indicator suggests that the absolute minimum for Bitcoin is at $26,520.

Over the past 24 hours, the leading cryptocurrency has risen by 2.4%, according to CoinGecko. Its market capitalization stands at $1.38 trillion.

In October, digital gold appreciated by 14%.