As the political scene in the United States evolves, cryptocurrencies, especially regarding regulation, have become key talking points in the presidential campaign.
In recent years, cryptocurrency’s growing relevance in politics has underscored the sector’s significance in the general financial world. Notably, ahead of the U.S. November 5 election, former President Donald Trump has expressed his desire to support Bitcoin (BTC) if reelected.
For instance, Trump announced support for Bitcoin mining, noting that the sector could serve as the “last defense” against central bank digital currencies (CBDCs), which he opposes. On the other hand, President Joe Biden has reportedly engaged with crypto industry participants on policy matters.
Bitcoin price prediction. Source: ChatGPT-4o
Bitcoin price analysis
As of the latest update, Bitcoin has shown marginal gains of nearly 1% over the past 24 hours, trading at $61,590. However, on the weekly chart, Bitcoin has retraced from its peak above $66,000, reflecting a decline of over 5% in a week.
Bitcoin seven-day price chart. Source: Finbold
Recently, Bitcoin has displayed a bearish trend, encountering notable resistance around $65,080 and finding support in the $60,000-$61,000 range. These levels are critical in determining Bitcoin’s short-term direction.
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