Fluctuating Bitcoin Is Stuck in This Key Range

Bitcoin (BTC) is having a hard time moving from a key pricing range, despite a lot of movement happening with the coin right now. Bitcoin is up by 3.35% over the last day, but it is still close to a specific price point that it cannot seem to move from.

This leading crypto coin is at $61,385 (BTC/USD) today, and it has fluctuated considerably across the last few days. However, the coin is not moving far from the $60K level. Even when Bitcoin was low recently, it only went as far as $58,094. The coin seems stuck around the $60K mark, despite how the market is moving.

 

This is going to make it difficult for Bitcoin to gain much momentum, and it would take a very powerful factor to move the coin from its current level and push it toward $65,000. We may see BTC play around this same range of $58K-$62K for a while. That means that day traders will find reason to stick with the coin, but long-term investors may start to get annoyed with it.

The Major Impetus That Could Move Bitcoin

We do not expect Bitcoin to stay within this range for months at a time, but there is a major factor that will play out in November that could move the coin. That is the US presidential election, and cryptocurrency has become a major part of the election news cycle.

Many of the donations being made to presidential candidates are being made by cryptocurrency companies. They see the large role this election could play in their future, and they are putting their assets behind the candidate they think is most likely to support cryptocurrency. In this election, crypto is playing a much larger part, and whoever is elected is likely to quickly put laws into place that could directly affect the crypto market.

 

 

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ABOUT THE AUTHOR See More
Timothy St. John
Timothy St. John
Financial Writer - European & US Desks
Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.
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