Bitcoin plunged to $ 69,000 per day

October was a profitable month for Bitcoin, as its price rose by 13% from $ 58,000 to $ 73,000. However, today, on November 1, BTC has dropped sharply by 4% and is currently priced at around $ 69,000.

This drop came at a time when Polymarket, a platform specializing in forecasts, decreased the chances of Donald Trump winning the presidential election compared to Vice President Kamala Harris, so changes in the electoral situation could lead to further fluctuations in the price of Bitcoin.

According to Polymarket, Trump’s odds of winning the 2024 US election have dropped to 61.9%, while Harris' chances have increased to 37.9%.

Sean Farrell, Chief Digital Asset Strategist at Fundstrat Global Advisors, believes that Trump’s declining chances could create uncertainty among investors.

Trump reportedly supports the idea of making the United States the world leader in cryptocurrencies, while Harris promises a balanced approach to regulation, which is opposed to President Joe Biden’s cautious stance, adding to the concerns of the crypto community.

Another sign of declining interest in Bitcoin is the decline in active addresses on the network, which have fallen to about 734,000, down 25% from a peak of 986,000 in March, so many investors are now opting for a wait-and-see strategy, waiting for the results of the November 5 election before making significant investment decisions.

It is noted that in the event of a decline in Bitcoin prices, an important support level worth monitoring is $ 68,958. If it is broken through, analysts warn of a possible further decline, down to $ 65,099 or even lower to $ 63,364. At the moment, Bitcoin is trading at around $ 69,439, reflecting a 4% drop over the past 24 hours.