Bitcoin price has suffered a harsh reversal as the election day countdown continues, and as Donald Trump odds on Polymarket retreated. BTC slipped to $69,415 on Friday morning, much lower than this week’s high of 73,580.
Donald Trump Polymarket odds slip
Bitcoin plunged hard as traders waited for the upcoming US election and Trump’s Polymarket odds. According to the website, these odds have dropped from over 67% earlier this week to 62%. Kamala Harris odds rose from 33% to 36% as the total amount in the pool has jumped to $2.8 billion.
This trend is happening as traders realize that the election could go in either direction. Besides, official polls show that the race is increasingly close across swing states. For example, according to Polymarket, the two have a 48% chance in Nevada, while Trump is leading by just one point in Pennsylvania.
Trump is leading by two points in Georgia and by one point in North Carolina. On the other hand, Harris is leading by less than one point in Wisconsin and Michigan. All these numbers are within the margin of error.
Fears that Trump could lose the election are also evident in the performance of his meme coins. The MAGA token has retreated in the last three straight days and is down by 35% from its highest level this week. The same is true among other similar tokens like DJT and TREMP.
Also, it is happening in the stock market, where the Trump Media & Technology (DJT) stock has slumped in the last three consecutive days. It has fallen by 36% from its highest level this week.
Crypto traders favor Trump because of his commitment to implementing friendly regulations in the industry.
However, analysts caution that Bitcoin and other cryptocurrencies will do well no matter who wins the next election. Besides, Bitcoin is hovering near its all-time high at a time when Joe Biden and Gary Gensler are in power.
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Bitcoin technical analysis
Turning to the daily chart, we see that the price of Bitcoin has suffered a big reversal in the past few days as it fell from the year-to-date high of $73,580 to $69,500. This retreat happened as the coin approached its highest level on record at 73,777.
On the positive side, Bitcoin has formed a golden cross pattern as the 200-day and 50-day Exponential Moving Averages (EMA) crossed each other. In most periods, this pattern is one of the most bullish signs in the market.
Bitcoin also formed an inverse head and shoulders pattern. Therefore, the coin will likely continue rising as bulls target the year-to-date high of $73,580, its highest level this week
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