Bitcoin has seen a strong rebound since Monday’s lows of $ 13,200, in a rapid crash that liquidated millions. The price of the leading cryptocurrency is currently at $ 13,750, over $ 500 from the aforementioned lows. As of today, Bitcoin is up 1.5%, faster than most altcoins, including Ethereum, but slightly worse than the stock market.
This rise in the Bitcoin price comes as the US dollar has continued its decline. The Dollar Index (DXY) has fallen 0.75% over the past day as the market appears to be responding to further fiscal stimulus after the election has taken place.
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Bitcoin is expected to consolidate despite rally
Despite the rally, most analysts seem to think Bitcoin will spend more time consolidating before moving higher again.
While Bitcoin may rebound to USD 13,750 after falling to USD 13,200, signs show that the mint will probably press lower again before going higher. Referring to the chart below, an analyst said:
$ BTC it looks like it needs to be reloaded. Daily SFP to Weekly Delivery, Failed Break Above 2019 High, bear divs flash on the daily timeframe … Bring on the election dip. “
Chart of BTC's price action since the start of September with an analysis by crypto trader HornHairs (@Cryptohornhairs on Twitter). Source: BTCUSD from TradingView.com
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The election is expected to lead to further uncertainty in the market, especially if the outcome is claimed by both parties. There is also fear of a period of civil unrest that could spur market volatility.
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Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Bitcoin Bounces $500 Off Monday Lows Despite Election Uncertainty