Bitcoin's price fell over 6.50% on November 1, 2024, dropping to around $69,200, following a peak of $73,600 just three days earlier. This decline is attributed to changing odds in the U.S. presidential election, particularly a shift favoring Democratic candidate Kamala Harris over Donald Trump. Historically, Trump's support for cryptocurrency has kept Bitcoin's price buoyant, and as his winning odds decline, traders are derisking ahead of the election. Market analyst HornHairs noted that similar derisking occurred before the elections in 2016 and 2020. Additionally, Bitcoin's recent rally was marked as overbought, as indicated by its relative strength index (RSI) surpassing 70. The price drop places Bitcoin within a rising wedge formation, a potentially bearish pattern suggesting further declines towards $68,000. Should it break below this level, further corrections to the $55,500-58,000 range may occur in the coming months.

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