Bitcoin’s attempt to reach $70K faced a setback as it dropped below $67K on Monday, October 21st, during US trading hours.
The decline at the beginning of the week reflected apprehension in the US stock market, which experienced a downturn ahead of the upcoming earnings reports from significant companies.
However, Bitcoin may maintain a steady range until the weekend, waiting for potential market changes following a clearer Federal Reserve rate outlook, as suggested by QCP Capital.
The firm stated,
“Expect some consolidation until the release of Thursday’s PMI data, which could provide insights into the Fed’s rate direction.”
For a better understanding, the Purchasing Manager’s Index (PMI) serves as a primary indicator of the US economic condition and could impact the Federal Reserve’s rate decision for November.
Anticipated Crypto Events: Is Bitcoin Headed for a New All-Time High?
Currently, the market is factoring in a 25 bps decrease in the Federal Reserve rate for the November meeting. The influence of Thursday’s PMI report on Bitcoin’s trajectory remains uncertain.
Additionally, the US elections play a crucial role in Bitcoin’s price movements. We reached out to Maria Carola, the CEO of crypto platform StealthEX, to provide insights on Bitcoin’s future amid the approaching US elections.
Carola informed CryptoCrypto that the rising chances of Donald Trump’s re-election contributed to Bitcoin’s recent surge towards $70K. Nevertheless, she predicted that while Bitcoin might not achieve a new all-time high this week, it could potentially reach that milestone in November.
“The probability of hitting a new all-time high this week is slim…In November, Bitcoin is expected to surpass its previous peak, paving the way for a consistent uptrend towards the next significant milestone of $100,000 per coin.”
Recently, the rally towards $70K reignited interest from retail investors in Bitcoin.
According to CryptoQuant, this trend mirrored a similar pattern observed in March, just before Bitcoin’s previous peak.
“Over the last 30 days, retail demand has increased by approximately 13%, indicating a situation reminiscent of March, where we approached the previous all-time high.”
Could this renewed retail enthusiasm drive the rally forward, similar to what occurred in March?
QCP Capital suggested that more retail participants could enter the market if Bitcoin surpasses the $70K resistance level.
“Both assets are nearing critical resistance levels—$70K for Bitcoin and $2800 for Ethereum—that could ignite significant retail interest.”