Welcome to Extreme Investor Network, where we provide unique insights and analysis on the stock market, trading, and all things Wall Street. Today, we take a closer look at how comments related to crypto could influence BTC price trends, especially in light of the recent US Presidential Debate.
It’s no secret that the crypto market can be heavily influenced by political events, and the US Presidential Debate is no exception. Investors are advised to pay attention not only to the debate itself but also to how each candidate performs. In this case, if Trump outshines Harris, BTC could potentially target $60,000.
The current market sentiment seems to favor pro-crypto candidate Donald Trump, who has actively courted the crypto vote since May. His public endorsement of crypto and encouragement for supporters to vote in his favor have not gone unnoticed in the crypto community.
In terms of technical analysis, BTC has remained below the 50-day and 200-day EMAs, signaling a bearish trend. A return to $58,000 could pave the way for a move toward the EMAs, with a potential breakout above the 50-day EMA bringing the $60,365 resistance level into play.
However, investors should also keep an eye on external factors such as the US CPI Report, sentiment toward the Fed rate path, and BTC-spot ETF market flow trends, as these could impact BTC price movements.
On the downside, a drop below $55,000 could indicate a fall to the $52,884 support level. With a 45.71 14-day RSI reading, BTC may face further downward pressure before potentially entering oversold territory.
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