Bitcoin’s Price Declines Ahead of the United States’ Midterm Elections and the CPI Inflation Report

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The impending United States Midterm Election conclusions have the potential to significantly impact the Bitcoin price, with critical crypto legislation likely to be debated. However, with the release of the US Consumer Price Index (CPI), Bitcoin’s price may dive deeper if the figures beat expectations.

The US Midterm Elections will be held on Tuesday, while the US Consumer Price Index report will be issued on Thursday. The price of Bitcoin has fallen below the crucial $20,000 mark as investors remain concerned about the result of the United States midterm elections. Meanwhile, regulators from the EU, IMF, and SEC in the United States have called for stricter regulations on cryptocurrency trading.

Key Bitcoin Levels to Watch — November 8

Bitcoin has finally lost its $18729.70 support level after close to six months of continuous bearish market motion. On the 21st of September, the market appeared to attempt a bullish reversal after breaking out of the asymmetrical triangle that marked the market’s bearish trend.

The move even led to the creation of new higher support levels above the key $20,000 level, which was retested twice. However, in the wake of the upcoming events in the United States, Bitcoin holders have had reasons to reconsider their stance, as there are many speculations on the position of cryptocurrencies in the American economy. This has led to too much which has selling activities which have broken the long-standing support of the coin.

The Bitcoin market has dipped by about 20% in a matter of three days due to panic sales from BTC holders due to the uncertainties surrounding the outcome of this week’s events. The SuperTrend indicator indicates a bearish trend already, just as the Relative Strength Index signals a sharp nosedive already. The Parabolic Indicator has also caught sight of the steep drop in value.

Bitcoin Key Levels

Resistance Levels: $19689.80, $20438.50, $21064.20
Support Levels: $19043.60, $18735.90, $18182.00

Total Market Capitalization: $871.53B
Bitcoin Coin Market Capitalization: $340.92B
Bitcoin Volume: $121.46B
Market Rank: #1

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