Following the recent Square BTC adoption-induced bull rally, the benchmark cryptocurrency saw a significant sell-off as soon as today’s candle opened.
The turn of the calendar marked the start of an astrological event, which hasn’t been very positive for BTC price action whenever they coincide historically. The astrological event is known as the Mercury Retrograde, which is said to be a very “bad omen” for the earth. This event has also been negative for Bitcoin and is fond of overlapping with bear markets.
The most recent event didn’t result in significant downsides, but the one before that overlapped with the unforgettable Black Thursday. Meanwhile, this retrograde is expected to end on the same day as the US Presidential Elections on November 3.
If this event acts anything like past events, BTC could see a serious decline, coupled with the upcoming elections makes it a recipe for disaster.
Key BTC Levels to Monitor in the Near-Term
Despite the modest worries over the event explained in this article, Bitcoin remains very bullish in the meantime. The cryptocurrency is currently battling to dominate the $11,480 resistance, followed by the $11,730 monthly high. Subsequently, we could see the highly-coveted $12,000 mark.
Meanwhile, a new mini trendline has formed on our 4-hour chart, reinvigorating the bullish bias.
On the flip side, a decline beneath $11,000 could strengthen bears again to take the price lower.
Total market capital: $361.6 billion
Bitcoin market capital: $211 billion
Bitcoin dominance: 58.4%
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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