фото показано с : bitcoinist.com

Bitcoin (BTC) crashed below $69,000 on Sunday resulting in significant levels of market liquidations. Interestingly, analysts have also noted a correlation of this decline with a decrease in the winning odds of US Republican presidential candidate Donald Trump ahead of the general elections on November 5.

In the last few days, Bitcoin has witnessed some significant price re-correction following a prolonged price rally in October during which it gained by 20%. The price of the premier cryptocurrency initially dropped from above $73,000 on Friday finding support around the $69,000 region.

Following a a brief period of sideways movement, BTC experienced another significant decline on Sunday reaching a local bottom of $67,960. Amidst this price drop, crypto analyst Ali Martinez noted that the 104,787 trading positions were liquidated resulting in a loss of $232.6 million.

Data shared by Martinez showed that long traders accounted for majority of these figures with $198.6 million in liquidations while only $34 million in short positions were closed. This development means that more traders had anticipated a rebound by the crypto market leader following its initial price pullback on Friday.

At the time of writing, Bitcoin has retraced to above $68,000 with little indication of its next price movement. If its current downtrend persists, the premier cryptocurrency could fall as low as $55,000 in line with a range-bound movement that has lasted over the past eight months. 

Alternatively, Bitcoin could undergo a price recovery returning to levels within its all-time high at $73,750 value as bullish sentiments remain on the high amidst heightened ETF inflows, a fast-approaching US election, and an anticipated Fed rate cut of 25 basis points.

So far, Bitcoin’s decline on Sunday has found a correlation with a decrease in the winning probability of US presidential candidate and crypto activist Donald Trump. According to data from Polymarket, Trump’s chances of emerging victorious in the presidential elections on November 5 dropped by 4.3% after his opponent Democrat candidate and US Vice President Kamala Harris became the favorite to win in Pennsylvania.

Although the pro-crypto Donald Trump remains the forerunner to emerge president with a 53.8%  to Harris’s 46.1%, recent price reactions by Bitcoin have shown a potential loss by the Republican could exert a significant price decline for the crypto market leader. Albeit, historical price data indicates that such a downturn would likely be temporary as Bitcoin has consistently embarked on a bullish trajectory following the US elections regardless of the result.

At the time of writing, BTC now trades at $68,471 reflecting a price loss of 1.38% in the past 24 hours. Meanwhile, the asset’s daily trading volume is down by 40.54% and valued at $24.40 billion.

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