Bitcoins future is uncertain as the US presidential election arrives

QuickTake

1 minute read

• Last week, and over the past few months, there have been some positive movements in the leading cryptocurrency. 

• Currently priced at around the $13,000 mark, bitcoin is apparently being affected ever so slightly by the rise in COVID-19 cases. 

Last week, and over the past few months, there have been some positive movements in the leading cryptocurrency. Currently priced at around the $13,000 mark, bitcoin is apparently being affected ever so slightly by the rise in COVID-19 cases. Luckily, the leading cryptocurrency didn’t go below $13,000 though proving to be a legitimate asset as traditional investments such as gold drop to 1 month lows.

What was surprising for many though is that the flagship coin was able to search above the $14,000 key resistance level for a short time over the weekend. Not only was this its highest point since January 2018 but the price spike happened on the same day that the white paper for the project was released in 2008.

Despite most likely being a sheer coincidence, the movement to $14,000 didn’t last long and was met with rejection. One analyst has highlighted that the leading currency has put in a “temporary top” around this price mark.

Furthermore, the analyst believes that the weakness will go on as the United States presidential election happens this week.

He further went on to say on Twitter:

I think bitcoin is putting in a temporary top. Price action to the upside when futures are closed gives me further indication that we’ll see a continued pullback into the election. Hopefully after we’ll see capital go into alts. $eth $btc $link

— AMD Trades (@Amdtrades) October 31, 2020

Alternative currencies in the crypto space have not been able to perform quite as well as bitcoin now. With this in mind, it will be interesting and interesting to see what triggers the value of these assets to spike.

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