# Bitcoin ($BTC) on Election Day: Navigating Market Uncertainties
Bitcoin ($BTC) is experiencing a 1.5% increase amid the highly anticipated US election day. However, following a sharp rejection from its all-time high just last week, Bitcoin bulls face significant challenges in revitalizing the market’s momentum. The outcome of this election could either bolster their efforts—should Donald Trump emerge victorious—or escalate volatility and turbulence if Kamala Harris takes the prize.
## Global Impacts of the US Election
The stakes of the US election stretch far beyond American citizens. The entire world watches with bated breath, aware that the victor will inherit a tumultuous economic situation. Regardless of who wins, both Trump and Harris would presumably confront substantial economic challenges that could impact global financial systems, including the cryptocurrency market.
—
## Eleventh Hour Polls Show Shift Toward Trump
Recent polls suggest a notable last-minute swing back to Trump and the Republicans. According to [Polymarket](https://polymarket.com/elections), Trump stands at 61.7% odds against Harris’s 38.4%. Traditional polls, such as those from [FiveThirtyEight](https://projects.fivethirtyeight.com/polls/president-general/), present a similar picture, with Trump maintaining leads in key swing states. AtlasIntel has emerged as the most accurate pollster from the 2020 election and corroborates this trend, creating a favorable environment for Bitcoin should these numbers hold.
—
## Choppy Waters Ahead for Bitcoin
The uncertainty surrounding election results spells potential turbulence for Bitcoin and the broader cryptocurrency market. As we await final tallies—which could take days—market volatility seems inevitable. Traders and investors might witness fluctuating Bitcoin prices, with altcoins likely to experience further dips until clearer outcomes are established.
Bitcoin’s price charts indicate heightened reactivity as various scenarios unfold. Any prolonged indecision could signal a turbulent period for traders as they grapple with investor sentiment and speculative movements.
—
## $BTC Faces Rejections from Key Resistance
Analyzing Bitcoin’s recent price action, it becomes evident that $BTC continues to struggle with a descending trendline and crucial horizontal resistance levels, particularly near $69,000. The latest decline has pushed the price down to test the Fibonacci level of 0.786, a pivotal point for bullish sentiment. [TradingView](https://www.tradingview.com/x/zxgK2Eqn/) offers further insights into this ongoing rejection phenomenon.
If Bitcoin cannot maintain its position above this Fibonacci level, a descent towards $66,000 might prompt significant caution among bulls. In such a scenario, traders will look to the descending trendline of the bull flag for additional support; if breached, it could signal deeper trouble ahead.
—
## Analyzing the Longer-term Charts for $BTC
While the short-term outlook for Bitcoin appears precarious, a broader analysis shows some comforting signals. The 1-week chart reflects strong selling pressure as the price approached its all-time high. Notably, the bearish candle wick has led to increased market indecision. However, the 2-week chart offers a more encouraging perspective. Although the long upper wick indicates selling pressure, there remains a balance between buyers and sellers, hinting that a turnaround could be on the horizon.
Importantly, the Stochastic RSI from the 2-week chart is worth noting. Currently, with values above 25.00 and angled upwards, the indicators suggest institutional buying momentum may be entering the market, potentially propelling prices upward. Until these indicators reverse, bullish sentiment could sustain momentum in the coming weeks.
—
## Conclusion
In conclusion, while Bitcoin ($BTC) is witnessing a slight uptick on this significant US election day, the road ahead is fraught with challenges. The outcomes of the election could serve as pivotal catalysts either for a bullish resurgence or for further market turbulence. As global citizens and traders alike await the final verdict, the cryptocurrency realm remains in a tenuous position, balancing its immediate realities against the backdrop of ongoing economic uncertainties.
Stay tuned for further developments in this critical phase, and remember that market dynamics are influenced not just by local events but by global trends and investor sentiment as well.
**Disclaimer:** This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. For more detailed analysis and real-time updates, visit [CryptoDaily](https://cryptodaily.co.uk/2024/11/bitcoin-btc-bouncing-on-us-election-day-but).
