GPT-4: The price of Bitcoin has experienced a 4.81% decrease over the past week, while the US presidential debate failed to provide any clarity on cryptocurrency policies. Despite a slight recovery in Bitcoin’s market price, it is still struggling to surpass the $62,000 mark, hovering at $61,510 after a 1.02% increase in the past 24 hours. The recovery may be short-lived amidst the 90-minute US presidential debate, where Joe Biden and Donald Trump clashed on economic, taxation, and immigration issues, but cryptocurrency policies were not specified. This disappointed enthusiasts who anticipated clarity, given Trump’s previous pro-cryptocurrency stance.
Donald Trump’s announcement of plans for all future Bitcoin minting in the U.S. and his self-identification as the “crypto president,” including acceptance of Bitcoin for political donations, has captured attention. In a recent donation by the Gemini founders, the Winklevoss twins had each donated $1 million in Bitcoin to support Donald Trump. Notably, in the celebrity coin frenzy, Trump-themed meme coins like Super Trump, MAGA, and DJT, as well as Biden-inspired tokens such as the misspelled Jeo Boden’s prices, have been fluctuating over the past day. Super Trump is down by 25.76%, and MAGA is down by 7.06%. DJT, the recent controversial token that arrived in his name, is up by 8.51%, and BODEN is down by 36.49%.
Analyzing the past week’s price action, BTC has caused considerable pressure in the crypto market. It stood in the $64-59K price range, dropping by 4.81%. Bitcoin’s daily Relative Strength Index (RSI) stands at 35.48, signaling the oversold zone, and the EMA shows the sell signal as well. If the BTC bulls lead the price to hit above $61.5K, the first key resistance could be at the $62,180 level. If the bull run continues, the next possible resistance can be found at $62,596. A further gain will take the price to the $62,900-$63,000 range. Assuming the bulls can’t defeat the bears, the price may drop to its initial support zone of $61,116. If the BTC price continues to dip, the next major support will be in the $60,770 range. Furthermore, if the price bottoms, it might head to the $60,186 level.
