Bitcoin Tests $70,000
Bitcoin is testing the very top of a trend it has been following since setting its new all-time-high.??
A break above this key resistance should result in a change in trend for the digital asset, which has been bearish since March of this year.
If we were to see Bitcoin break out considerably from this bearish consolidation, then we might see the asset push for a new all-time high with some analysts predicting as high as $100,000.
Fed Cuts Rates?
Inflation has fallen from 9% toward the 2% target, which has led The Federal Reserve to cut interest rates by 50 basis points in September.?
This is a dovish shift in macroeconomic policy, which supports risk-on assets as investors feel more inclined to invest in crypto when interest rates are lower.?
Current data from CME Group reveal that a rate cut in November is almost certain with a 91% probability, which could spur even more momentum into price action for Bitcoin.?
Liquidation Heat Map
The Liquidation Heatmap predicts when large-scale liquidations are most likely to occur.
Looking at the Bitcoin heatmap of the past 6-months, we can clearly see 2 areas where leveraged liquidations are most probable.??
This chart from CoinGlass tells us that if Bitcoin breaks out of the trend and crosses $70,000, we are bound to see cascading liquidations which may result in a short squeeze and massive upside for the most dominant cryptocurrency.?
Polymarket Predicts Trump Win
Polymarket – a predictions platform powered by Polygon – has been instrumental during the past year for analysts to gauge which way this year's US election will go.??
Right now, bets are leaning toward Donald Trump and the general sentiment forecast this to be bullish for crypto.?Trump has already introduced a DeFi project and a memecoin, and if he secures a win,?analysts are adamant this will propel Bitcoin higher into new territories.?
Round Up
Overall, with the U.S. elections scheduled on November 5th and Interest Rate Decision on November 7th, the next few weeks have many opportunistic individuals strategically aligning their crypto portfolios for an increase in volume and a potential push for a new all-time high.?
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