Bitcoin (BTC) Price Slides Below $70K Again amid Upcoming High-Impact News

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As a seasoned researcher with over a decade of experience in the volatile world of cryptocurrencies, I’ve seen my fair share of market swings and trends. Today’s drop in Bitcoin price, although concerning for some, doesn’t phase me much. It’s important to remember that these fluctuations are part and parcel of the crypto market.

Initially trading at around $70,000 in October and closing with a 24-hour volatility of 4.1%, Bitcoin began November on a bearish note. On the first day of this month, the leading cryptocurrency dropped by over 4% to approximately $69,215 during the mid-London session on Friday. The decline in Bitcoin’s price was mirrored across the larger crypto market, with close to $1 trillion being erased from the US stock market in the last 24 hours.

In my recent analysis, I’ve observed a significant drop in the total cryptocurrency market capitalization by approximately 5%. This decline is primarily driven by Ethereum, with its current price hovering around $2,502. Over the past 24 hours, this asset has exhibited a volatility of 5.3%. As of this report, the total market cap stands at roughly $2.42 trillion.

Top Reasons Why Bitcoin Price Dropped Today

In the last day, the crypto market has seen increased volatility, primarily driven by the futures and options trading sector as anticipation for significant news builds. As per CoinGlass’s data, Bitcoin’s options volume skyrocketed from approximately $300 million to nearly $2 billion over the past few days.

While investors withdrew funds from most U.S.-based Bitcoin ETF providers, excluding BlackRock’s IBIT which saw $318 million in new investments on Thursday. Despite accumulating almost $2 billion in fresh investments on Tuesday and Wednesday, U.S. spot Bitcoin ETF issuers collectively added around $32 million to their funds on Thursday.

Bitcoin’s price is likewise responding to anticipated increased volatility in the upcoming days, given significant news from the U.S., particularly regarding the 2024 presidential election on November 5. This event’s outcome will significantly shape the regulatory environment in the world’s largest economy for the next four years.

The cryptocurrency market is anxiously watching today’s report about the unemployment rate, as it will offer significant insights into the Federal Reserve’s forthcoming decision regarding interest rates. Since the Fed made its first cut in September, speculation has been growing that they will implement another one next week to strengthen the nation’s economic forecast.

Tomorrow’s employment statistics will play a crucial role in determining whether a cyclical perspective or a monetary policy perspective should be adopted regarding Bitcoin for the remainder of the fourth quarter.

I think it should be apparent by the weekly close which is the most likely outcome.

— Benjamin Cowen (@intocryptoverse) November 1, 2024

Midterm Expectations

In the past two months, Bitcoin’s value has significantly increased, and experts predict this upward momentum will persist for the rest of the year. Yet, it’s important to note that Bitcoin’s price might become more unpredictable over the next few weeks, which could cause temporary downturns in the market.

69

— Ali (@ali_charts) November 1, 2024

As per well-known cryptocurrency expert Ali Martinez’s predictions, it’s expected that Bitcoin’s price will probably stabilize at a level above $69,000. This could potentially trigger another surge towards a new record high in the upcoming months. Martinez has projected a short-term goal range of between $78,000 and $84,000, which might be reached by the end of this year.

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2024-11-01 12:37