Bitcoin's price surged 3.2% between October 27 and 28, nearing the $70,000 mark. This increase follows a decline in oil prices due to ongoing Middle East conflicts that have not disrupted energy channels. The situation has prompted traders seeking safety in oil to consider Bitcoin as an alternative asset. Economic factors, such as inflation, are also influencing the market, with upcoming reports expected to show a rise in the Core Personal Consumption Expenditures index. The Federal Open Market Committee's meeting on November 7 may further impact investor sentiment. Many market participants are adopting a risk-averse approach as the US elections approach, opting for cash and short-term bonds. Nonetheless, a post-election stabilization could lead to increased investments in Bitcoin. Observers note that a potential victory for Kamala Harris might signal regulatory changes for digital assets, fostering a more favorable environment for Bitcoin price appreciation into early 2025, despite existing risks that could temper immediate bullish momentum.

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