The Bitcoin price seems to have settled into stasis, just 10 days before the U.S. presidential election. Now analysts are looking ahead to next week's inflation figures and jobs report to as the next big catalyst for BTC price action.
Bitcoin has receded a bit since testing the $70,000 level earlier this week, and has settled at around $68,000, up 0.8% on the day and 0.5% on the week, per data from CoinGecko.
"After reaching a high of $68,850, Bitcoin corrected slightly towards the day’s end but maintained a strong price level," BRN analyst Valentin Fournier said in a note shared with Decrypt. "This suggests a potential accumulation phase around $67,500, which could pave the way for a subsequent price surge."
The price falling back a bit is to be expected, said Yuya Hasegawa, a market analyst at Japanese crypto exchange Bitbank.
"From a technical perspective, a little bit of pull back after a breakout is in line with the textbook and the market should not be too disappointed by this week’s price action," he wrote in a note shared with Decrypt.
The world's oldest and largest cryptocurrency by market capitalization has seen $30 billion worth of BTC change hands in the past 24 hours, according to CoinGecko data.
Bitcoin braces for coming week
In the week ahead, Hasegawa said that traders should be looking ahead to the personal spending report—set to be released on Halloween, or October 31—and the jobs report on November 1.
Besides those reports, the Federal Reserve will next issue a decision on interest rates on November 7—just two days after the presidential election.
As of yesterday, Vice President Kamala Harris and former President Donald Trump are still very close in the polls. FiveThirtyEight has Harris ahead slightly with 48.1% to Trump's 46.4%.
On crypto betting site Polymarket, a whale recently placed a $2 million bet on Harris to win. Not long after there were reports that some of the platform's biggest bettors on the election, which has ballooned to $2.4 billion bet, are facing more internal scrutiny.
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