After a prolonged stretch of sideways and bearish price action, Bitcoin (BTC) looks ready to challenge its all-time high of $73,700, with prices currently hovering above $71,000. Since a September plunge to $53,000, BTC has been rallying and just surpassed $70,000.
Supporting this surge may be new rate cuts from major Western central banks (excluding Japan), China’s fiscal and monetary stimulus, and big inflows into US spot Bitcoin ETFs. The US election season adds further intrigue, especially with pro-crypto candidate Donald Trump making headway.
It will be a pivotal week ahead due to the US elections on November 5, the Fed’s rate decision on November 6, and the October employment report on November 8—all crucial events that could shape Bitcoin’s next movements.
