fxs_header_sponsor_anchor

Bitcoin Price Forecast: BTC/USD slips below $14000 on mounting US election tensions

Bitcoin, the most favorite digital asset, quickly eroded $300 after facing rejection near the yearly highs of 14,077.

The No. 1 coin fell as low as 13,730 after risk-off flows seeped into markets on mounting tensions surrounding the US election, as the results started trickling.

The odds for a Presidential victory shifting in favor of Donald Trump as against the Democrat candidate Joe Biden weigh on the market mood.

Trump looks to have taken the key states of Florida, Georgia and North Carolina while Biden is seeing gains in Ohio and Texas. These results are pointing to a more mixed picture, which could lead to a contested election. Therefore, the haven demand for the US dollar has returned, weighing on Bitcoin among other risk assets.

At the press time, BTC/USD trades at 13,813, struggling to recover ground.

Technical outlook

Bitcoin: 15-minutes chart

As observed in the 15-minutes chart, the spot is clinging onto ascending trendline support. The risk remains to the downside should the risk-off mood deepen with an unexpected Trump win.

The Relative Strength Index (RSI) points south below the midline, allowing room for more declines.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.