Bitcoin tumbles as Kamala Harris overtakes Trump in polls
U.S. Vice President Kamala Harris delivers remarks during a campaign event, at West Allis Central High School, in West Allis, Wisconsin, U.S., July 23, 2024 (Reuters Photo)
Bitcoin’s recent rally has hit a snag as the cryptocurrency pulls back from its peak of $68,500, now hovering around $65,800. This slowdown comes in the wake of surprising developments in the U.S. presidential race, where a new poll shows a tight contest between Kamala Harris and Donald Trump.
With the market reacting to these political shifts, bitcoin is navigating through a period of uncertainty and adjusting to evolving investor sentiment.
Bitcoin’s volatile journey
- Trump’s advantage sparks bitcoin boom: In the past two weeks, bitcoin saw a substantial $15,000 increase, starting from $53,500 on July 5. This surge was fueled by favorable news for crypto-friendly presidential candidate Donald Trump.
- Profit-taking activity: Following the rapid rise, profit-taking is occurring, which is typical after such sharp increases.
- Current trading range: As of July 24, 2024, bitcoin continues to oscillate near the $65,800 mark, with a recent decline bringing its value down to $65,500 in the past two trading days.
Poll shockwaves impacting bitcoin
- Harris surges ahead of Trump in latest poll: A recent Reuters and Ipsos poll shows Kamala Harris leading Donald Trump, with Harris at 44% and Trump at 42%. This is a notable shift as previous polls had Trump slightly ahead. The new poll results have introduced uncertainty in the bitcoin market.
- Market sentiment: The poll has slightly dampened risk appetite, causing fluctuations in bitcoin’s value.
Critical levels to watch
- Support and resistance zones under the spotlight: Analysts warn that a drop below the crucial $65,000 support level could push bitcoin down to $63,300. Resistance remains between $67,200 and $68,500, crucial for future price stability.
