US Election Week: Volatility in Bitcoin and USD Trends

Financial markets are closely watching the developments of Bitcoin and the US dollar ahead of the November 5 presidential election. The October jobs report showed only 12,000 new jobs instead of the expected 106,000, and the unemployment rate remained at 4.1%. These mixed signals have caused strong price movements across major assets.
Election Week Market Volatility: Bitcoin and USD Insights
Bitcoin Price Action at a Key Level

Bitcoin has broken out of a descending wedge pattern, reinforced by a double bottom pattern. The cryptocurrency found support at $67,500. The 50-day moving average crossed above the 200-day line, creating a golden cross.

The 4-hour chart shows that the price is consolidating near the midpoint of the channel. $68,000 acts as a major resistance level. The election week brought larger price movements to the crypto market.

USD index reacts

The US Dollar Index rallied from 103.90 after the jobs report. Trading started Monday with a gap due to election uncertainty. A symmetrical wedge pattern suggests more volatility ahead of the Fed meeting on November 7.

Price action near the 200-day moving average indicates strong buying demand. RSI suggests more upside potential in this volatile time for gold and other major assets.

What the Markets Mean in Election Week

The US presidential election and Fed meetings are creating unusual conditions in financial markets. Trading volumes are up on Bitcoin and the US dollar. Large investors are positioning for potential sharp moves. Technical patterns show these assets react strongly to political news. Support and resistance levels are being tested more than usual this election week, market volatility.