On Monday, Bitcoin’s price surged above the $69,000 threshold for the first time in a week, peaking during European trading hours. After reaching this milestone, Bitcoin slightly receded to around $68,925, marking a 2% increase for the day.
Traders are gearing up for a week packed with influential economic reports that could affect Bitcoin’s price. Key data releases include the Q3 gross domestic product (GDP) report, personal consumption figures crucial for assessing inflation, and Friday’s highly anticipated jobs report. Together, these insights will shed light on economic strength, inflation trends, and employment conditions, all factors likely to sway Bitcoin’s market performance.
Looking ahead, Americans will vote on Tuesday, November 5, in a closely contested presidential election between Vice President Kamala Harris and former President Donald Trump. According to market analyst Fournier, the election’s conclusion could potentially drive Bitcoin’s price higher.
With a continuing accumulation phase, upcoming economic indicators, and a positive sentiment tied to the election outcome, the outlook for Bitcoin remains optimistic. Fournier suggests investors consider a more significant allocation to Bitcoin over Ethereum to capitalize on potential gains.
