- Bitcoin has established support around the $66,000 region.
- BTC is at a critical level where traders need to be observant.
- Macro events could trigger Bitcoin volatility this week.
Bitcoin has established support around the $66,000 level, which crypto analysts see as a significant point in the ongoing bull cycle. The cryptocurrency shifted resistance into support after dropping to this level several times without closing below it, according to a host from the Altcoin Buzz cryptocurrency podcast.
While BTC has surged to the $70,000 range, the Altcoin Buzz channel host suggested traders stay alert until a clear break above this level is confirmed. He highlighted $70,000 as a key psychological resistance and a historical zone where Bitcoin previously struggled to move higher.
Although technical indicators suggest a potential Bitcoin rally, the analyst pointed out macro events that may influence the crypto market this week. These include the Q3 GDP release, expected on Wednesday, and the U.S. non-farm payroll report due Friday.
Read also: Market Awaits US Economic Data for Bitcoin Rally to $72K Amid Stagnant Prices
Investors are also watching for Mega-Cap Earnings reports scheduled between Tuesday, October 29, and Thursday, October 31. Anticipation is building around the upcoming U.S. presidential election, which is expected to influence market conditions in the crypto sector.
Polymarket Poll Shows Trump Leading
In a poll conducted on Polymarket, a prediction platform with a large crypto user base, former President Donald Trump currently leads Vice President Kamala Harris. The poll estimates Trump’s chance of winning at 66%, compared to Harris’ 34.1%.
Some analysts believe the Polymarket poll may reflect sentiment among crypto users who view a Trump presidency as more favorable for the industry. This belief has fueled predictions of a potential crypto market rally if Trump wins.
In the meantime, Bitcoin hasn’t been the only cryptocurrency experiencing gains. Solana (SOL) and Sui (SUI) have also shown upward momentum. SOL recovered from a recent pullback, trading at $181.15 after a 14.68% gain, while SUI rose 20.35% in the past two days, reaching $1.86.
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Source: https://coinedition.com/bitcoin-holds-66k-as-q3-gdp-earnings-and-election-stir-crypto-market/