Bitcoin price started the new week on the rise, approaching $64,000 but encountering resistance there.
Analysts say investors are waiting for the US election results in November for an increase, while also emphasizing that the CPI data to be announced on Thursday is important.
At this point, BRN analyst Valentin Fournier stated that the rise experienced over the weekend was due to lower-than-expected US unemployment figures and argued that Bitcoin could soon test the $68,000 level.
Stating that the US CPI and PPI data could be a catalyst for the rise, Fournier said that he expects resistance between $ 65,000 and $ 67,000, but Bitcoin will also pass this resistance.
“Lower-than-expected unemployment fueled Bitcoin’s weekend rally, creating new momentum with higher lows.
Bitcoin could soon test the upper boundary of the uptrend at $68,000. While there is strong resistance expected between $65,000 and $67,000, we believe Bitcoin will eventually break through.
“It may be too early to see the impact of the rate cuts in these figures, but any sign that US inflation is moving back towards 2% is likely to have a positive impact on Bitcoin price and the market.”
Investors Await US Elections!
Jon Reader, chief investment officer of crypto lending protocol Ledn, also shared his views on Bitcoin.
Stating that there is no clear direction in prices because investors are waiting for the November elections, Reader said that the election result will be reflected positively on all BTC and crypto prices.
“While the general consensus is that a Republican victory would be more supportive of Bitcoin and cryptocurrency prices than a Democratic victory, both parties have been making positive statements about cryptocurrencies, so my view is that the bullish trend will continue regardless of the outcome.”
Jon Reader is not the only one who says that crypto markets will be positively affected by the results regardless of who wins in November. Geoffrey Kendrick, global head of digital assets research at Standard Chartered, has been saying for weeks that Bitcoin and the crypto market will be positively affected and rise regardless of who wins.
*This is not investment advice.
