Bitcoin has been on an upward trend recently but reached a standstill near $70,000, as biggest holders known as "whales" are holding back until the US election results. Analysts predict these results could significantly influence Bitcoin's price.
The actions of Bitcoin whales are pivotal, as they control large amounts of the cryptocurrency that can change the market’s direction. Data indicates that whales are showing reduced transfer activity, indicating caution and waiting.
Bitcoin could either maintain its upward trend if election results are favorable or experience a pullback in case of hesitation or panic among smaller holders. It is crucial for Bitcoin to maintain a key support level around $68,248 to continue its bullish momentum.
Macro momentum remains promising since the current price is below the 95% profit threshold. Upcoming elections play a critical role in steering investor sentiment and potentially reinforcing or reversing Bitcoin’s uptrend.
If Bitcoin manages to flip $71,367 into support, it might reach a new all-time high, validating the ongoing upward momentum and exciting investors for potential substantial gains.
