Bitcoin (BTC) Price Holds Above Critical Support Level as Election Day Looms, What's Next?

Bitcoin has once again demonstrated resilience, finding support at the familiar Fibonacci levels it has tested since March 2024.

Bitcoin price analysis shows BTC fiyatı once again found support at Fibonacci levels. But today’s close suggests further bearish consolidation.

However, BTC price is still eyeing the recent all-time high of $73,794. In the event of a bullish push, Bitcoin price could aim as high as $77,000.

Meanwhile, several altcoins and meme coins are seeing robust gains. Notably, MOG is up 10%, MEW at 7%, POPCAT at 8%, BONK at 5%, and DOGE is climbing 7%.

Bitcoin price analysis: BTC price finds support at Fibonacci levels

Bitcoin price analysis for today shows that BTC price once again found support at the familiar Fibonacci levels that it has been testing since March 2024. While Bitcoin’s daily candles managed to stay above the critical 3.0 Fibonacci extension from 2014 that is currently serving as support, today’s close within the daily TBO Cloud suggests that further bearish consolidation could be in the cards.

Given that today marks Election Day in the U.S., traders can expect heightened volatility for BTC and the wider crypto market for the rest of this week. If Bitcoin does take a dip, the primary support levels to watch are around $64,550 and $60,000.

From the technical indicators, we can see that the 30-day Bollinger Bands are still converging, indicating a period of low volatility. The Relative Strength Index (RSI) is also in neutral territory at 49.93. This suggests that neither the bulls nor the bears are fully in control of the price action at the moment.

Overall, the Bitcoin price analysis is showing mixed signals, with some technical indicators suggesting a bullish continuation and others hinting at a possible pullback. In any case, the upcoming presidential election and Federal Reserve meeting are likely to keep traders on edge.

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