Bitcoin erased earlier gains and tests 66000

Bitcoin surged to nearly $68 000 today, reaching its highest level since late July. However, we are witnessing a reaction to resistance at the upper boundary of a descending trend channel. Bitcoin is currently retracing to around $66 000, near its late-September highs.

The previous rally was linked to increasing odds of a Trump victory in the presidential election, which is now just three weeks away. PredictIt puts the probability of a Trump win at 54%, while Polymarket indicates nearly 57%. The likelihood of the Republican Party taking full control of Congress is also growing, which could result in favorable outcomes for the cryptocurrency market. Some speculate that the lack of additional stimulus measures for the Chinese economy is causing investors to withdraw funds from China-related assets and reallocate them to the cryptocurrency market.

Nevertheless, we are currently seeing profit-taking, which coincides with a pronounced pullback in the US equity market.

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