Key Points
- Bitcoin’s push towards $70K hit a snag, slipping below $67K during US hours on October 21.
- The cryptocurrency’s price movement could be influenced by upcoming US economic data and earnings season.
Bitcoin’s [BTC] recent surge towards the $70K mark stumbled, dropping under $67K on the 21st of October during US hours.
This early-week dip reflects the uncertainty in the US stock market, which took a hit in anticipation of this week’s earnings reports from major companies.
Bitcoin’s Price Movement
It is suggested that Bitcoin’s price may stay within a certain range until the weekend. This prediction by QCP Capital could change once the market gets a clearer picture of the Federal Reserve’s rate path.
The trading firm was quoted saying, “Expect some sideways action until Thursday’s PMI numbers, which may offer clues on the Fed’s rate path.”
PMI (Purchasing Manager’s Index) is a key indicator of the US economy’s health and could influence the Federal Reserve’s rate decision for November.
Will Bitcoin Reach a New All-Time High?
As of now, markets are pricing a 25 basis point Federal Reserve rate cut in the November meeting. The impact of Thursday’s PMI data on Bitcoin’s price remains uncertain.
The upcoming US elections also play a significant role in Bitcoin’s price movement. Maria Carola, CEO of crypto exchange StealthEX, shared her Bitcoin outlook as the US elections approach.
Carola suggested that the increasing odds of Donald Trump’s win had contributed to the recent Bitcoin price rally towards $70K. However, she expects Bitcoin to reach a new all-time high in November, but not this week.
The recent surge towards $70K has sparked renewed retail interest in Bitcoin. According to CryptoQuant, this pattern is similar to one observed in March, just before Bitcoin reached a new all-time high.
QCP Capital stated that more retail players could enter the market if Bitcoin breaks the $70K resistance.
