Analyst: Bitcoin price fluctuates within the day, market awaits U.S. election results

According to analyst Army Duck on X, Bitcoin (BTC) has shown significant volatility in the past 24 hours. Its daily chart shows a small bearish candlestick with upper and lower shadows, and its trading volume increased by about 20% compared to the previous day. Currently, BTC is still in a downward correction trend at the daily level. In terms of technical indicators, the MA30 line on the daily chart maintains an upward trend while MACD indicates that downward momentum has strengthened.

From a trading strategy perspective, Bitcoin's price experienced an initial rise followed by a fall at hourly levels. It encountered resistance after touching the downtrend line at daily levels and fell back but found support above the MA30 line on the daily chart and rebounded. At present, Bitcoin has shown five consecutive bearish patterns; it is expected there will be some price rebound in short term.

In addition, due to upcoming US presidential election, market expects that bitcoin prices will continue fluctuating over next few days. Analysts suggest investors should pay attention to short-term opportunities between $69,100 and $69,000 USD and look for long positions around $66,950 USD. Market liquidation data shows that there are few large sell orders waiting for liquidation between $68,100 - $69k USD area while many large & extra-large sell orders await liquidation from $69k-$72k USD area which may put pressure on prices.

In conclusion despite potential short-term fluctuations analysts believe monthly uptrend remains unaffected; any downturn merely lays foundation for healthier growth.