Bitcoin price gained 3.2% between October 27 and 28, briefly reaching $69,200. This increase comes as traders respond to geopolitical uncertainty and the upcoming U.S. election. Oil prices also decreased by over 5.5% due to the ongoing Middle Eastern conflict, which has not significantly impacted energy production or transport. Investors may be looking for alternative assets like Bitcoin amid persistent regional tensions. Inflation remains a concern for traditional finance investors, and analysts anticipate a 0.3% increase in the Core Personal Consumption Expenditures (PCE) index for September. The Federal Open Market Committee (FOMC) meeting scheduled for November 7 may influence market decisions. Traders have become risk-averse ahead of the elections, often favoring cash and short-term bonds. However, once uncertainties are resolved post-election, there could be inflows into risk-on assets like Bitcoin. Factors hindering a substantial rally include potential inflation spikes and unclear regulatory impacts following the elections.

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