TechFlow news, on October 24, according to Decrypt, BTC's trading price remained relatively stable at around $67,500, after earlier dipping to $65,160. Ryan McMillin, Chief Investment Officer at Merkle Tree Capital, said, "We don't believe this pullback is election-related, but rather a natural 'search for liquidity' following last week's surge."
When traders hold leveraged long positions, price reversals force them to sell or liquidate, creating downward pressure on asset prices. McMillin views this as a healthy correction, clearing speculative excess before the market resumes its upward trend. "We expect to retest the $70,000 resistance level soon, but we may have to wait until the U.S. election to truly break through," he said.
Pratik Kala, Portfolio Manager at Apollo Crypto, predicts that BTC could trade between $63,000 and $68,000 in the run-up to the election. "A breakout above $71,000 would signal that the market assigns a higher probability to a Trump victory," Kala added.
