Current trend

Last week, the BTC/USD pair had ambiguous dynamics: it tested the 68750.00 mark (Murrey level [7/8]) several times but was unable to consolidate above it. At present, the market growth is restrained by uncertainty around the results of the US presidential elections, which will take place on November 5, as well as geopolitical factors.

Most members of the cryptocurrency community are hoping for the return of Republican Donald Trump to the White House, as his position on digital assets looks more loyal than that of his opponent, current Vice President Kamala Harris. Earlier, Trump promised to promote the first cryptocurrency to the status of a state reserve, with the help of which it would be possible to partially solve the problem of the US national debt. In addition, last week, the politician announced his intention to significantly reduce the tax burden on business, and to ensure replenishment of the budget by increasing tariffs on imported goods. Experts fear that these steps will become a catalyst for inflation and lead to a resumption of an increase in the cost of borrowing by the US Federal Reserve, which will put pressure on assets alternative to the dollar. Thus, the long-term prospects of the cryptocurrency market in the event of Donald Trump's victory in the presidential election look uncertain.

Among the local factors putting pressure on the BTC/USD pair, it is worth noting the new escalation of the situation in the Middle East: over the weekend, Israel launched a missile strike on Iranian military facilities, which caused a sell-off in risky assets and a strengthening of the dollar's positions.

Generally, the cryptocurrency market may remain stable until the end of the presidential race in the United States, after which it will likely begin to move significantly depending on its outcome.

Support and resistance

The price is near the resistance zone of 68750.00–70000.00 (Murrey level [6/8], the area of July highs), consolidation above which will lead to continued growth to 75000.00 (Murrey level [8/8]), 78125.00 (Murrey level [ 1/8]). If the asset consolidates below 65625.00 (Murrey level [5/8]), supported by the central line of Bollinger Bands, a new decline to 62500.00 (Murrey level [4/8]) and 59375.00 (Murrey level [3/8]) will be possible.

Technical indicators allow for further price growth: Bollinger Bands and Stochastic are directed upwards, and MACD is stable in the positive zone.

Resistance levels: 70000.00, 75000.00, 78125.00.

Support levels: 65625.00, 62500.00, 59375.00.

Trading tips

Long positions can be opened above 70000.00 with targets at 75000.00, 78125.00 and a stop-loss at 67000.00. Implementation period: 5–7 days.

Short positions can be opened below 65625.00 with targets at 62500.00, 59375.00 and a stop-loss at 68000.00.