Bitcoin dropped to one-week lows on October 23, testing support levels. As BTC/USD traded near $60,063, it failed to hold above $69,000 as resistance. Popular trader Rekt Capital noted that a successful weekly close above certain levels could indicate short-term trend strength. Meanwhile, trader CryptoBullet highlighted that the weekly MACD indicator has crossed bullish for the first time since October 2023, suggesting potential for price upside similar to patterns observed before Bitcoin's previous all-time highs. He expressed optimism about a new all-time high for Bitcoin as it breaks out of multi-month consolidation. Additionally, market volatility remains a concern with upcoming events like the U.S. Presidential Election and the Federal Reserve's interest rate meeting on November 7. Trade firm QCP Capital emphasized the importance of nonfarm payrolls data set for release on November 1, which could significantly influence market expectations.

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