Most of the cryptocurrency market swung both ways on Monday as investors braced for important events, including the US presidential election and likely Federal Reserve interest-rate cut, that are likely to significantly affect crypto. Prime cryptocurrencies like Bitcoin and Ethereum edged up, while others like BNB and Cardano were down. With the overall market cap falling 1.68% to around $2.25 trillion, crypto leaders pointed to increased volatility and movements in the market likely depending on the election results.
At the fundamental, technical level, Bitcoin was facing resistance around the $69,000 level after touching an all-time high of $73,777, while market sentiment remains shaky with the elections looming. Bitcoin bounced back after a recent pullback, making another run at a $1.363 trillion market cap. Technical analysts are saying a sustained break above the crucial $70,000 resistance could lead to renewed interest and a fresh upswing in Bitcoin and a few selected altcoins.
As investors are turning more and more attention to the possible outcomes of the U.S elections on the dynamics of the markets, this could be a defining week for cryptocurrencies. Bitcoin, with a 60.63% market share, showed great volatility in trading pairs, indicating a very cautious but highly observant approach from crypto investors around the world. The short-term trajectory of the markets is being dictated by important support and resistance levels.
Source: Economic Times
