Bitcoin Investors Adopt Cautious Stance as US Elections Approach
- Patricia ArquetteOriginal
- 2024-11-05 06:10:23418browse
Following weeks of heightened interest in leveraged trading, recent data from Coinalyze shows that the leading crypto has experienced a notable decline in open interest
Bitcoin (BTC) price action has been closely tied to the upcoming US elections, with investors displaying a cautious approach.
After surging interest in leveraged trading, data from Coinalyze now indicates a significant decline in open interest for the top crypto, shedding around $2 billion over the past few days.
This was corroborated by data from Coinglass, which stated:
“Some longs and shorts chose to close their positions before the US election.”
The dip suggests that investors are adopting a cautious stance amid increased risk aversion across the market. The pullback below $70,000 is largely attributed to a combination of profit-taking, dampened market sentiment, and a lack of positive news.
At press time, Bitcoin was trading at approximately $67,731, according to CryptoSlate data.
However, Singapore-based trading firm QCP suggests that this might be a temporary lull before a breakout, which could propel Bitcoin toward new highs. Activity in the options market supports this view, with notable interest in “topside” positions and increased purchases of $75,000 call options set to expire at the end of November.
QCP predicts that Bitcoin’s price will likely remain within its current range until post-election clarity emerges. The firm also suggests that a Donald Trump victory could trigger an immediate price surge, while a Kamala Harris win might have the opposite effect.
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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