TechFlow news, October 28 — According to the latest report from QCP Capital, Donald Trump’s interview on the Joe Rogan Experience podcast, released one week before the election, has garnered over 32 million views, pushing his odds on Polymarket above 66%. Although cryptocurrencies have been dubbed the "Trump trade," the correlation between Bitcoin and Trump's odds appears to be weakening. Bitcoin is currently attempting to break above $70,000 and surpass its July highs. However, Bitcoin has risen only 8% this month, below its average monthly gain of 21%. If spot prices remain at current levels, October will mark the fourth-worst performing month for Bitcoin in the past decade.
As markets await next week's election results, it remains to be seen whether Bitcoin can突破 $70,000. The report advises caution, as no surprises are expected from Thursday’s core PCE data and Friday’s non-farm payroll figures. Currently, open interest in Bitcoin perpetual contracts across exchanges has reached $27 billion, nearing this year's peak. A breakout above $70,000 could spark new highs, especially with increased participation from leveraged long positions.
