Bitcoin struggles to reclaim $70,000 ahead of the US election, but analysts agree that volatility will be present before and after the election result is announced.
Bitcoin’s (BTC) price witnessed a sharp 8% correction between Oct. 29 and Nov. 3 and briefly dropped to $67,446 over the weekend. While the higher time frame (HTF) market structure remains bullish for BTC, the market expects a volatile trading session heading into the US presidential election results on Nov. 5.
Bitcoin’s current uptrend can be traced back to the lows formed at $52,510 on Sept. 6. Since then, each BTC correction during its higher high (HH) and higher low (HL) structure has retested the Fibonacci “golden zone” between 0.5 and 0.618.
The chart below shows Bitcoin exhibiting similar behavior, with prices closing above the 0.618 level over the weekend. A daily close above $68,500 over the next 48 hours would complete the lower time frame (LTF) bullish structure, with BTC immediately recovering above the $70,000 psychological level.
