Bitcoin’s early November price action has stirred significant anxiety among bullish investors.
After trading as high as $73,500 earlier this week, the Bitcoin price has dipped to $68,800 at press time, retesting the $68k support level for the second time in 24 hours.
The crypto market has been hit with a perfect storm as Donald Trump’s lead slips 3 days before the US Presidential elections. Meanwhile, the weak October US Jobs Report has heightened concerns over a potential recession.
New meme coins appear to be the only asset class unaffected by the bearish market sentiment. While FWOG reached a new all-time high, Pepe Unchained hit the $24 million mark in its presale.
BTC Dips As Trump’s Lead Evaporates
Donald Trump is the clear pro-crypto candidate in next week’s US Presidential Elections, with his extravagant promises of firing SEC Chair Gary Gensler and setting up a Strategic Bitcoin Reserve.
Crypto analysts attributed Bitcoin’s rally to $73.5k earlier this week to Trump’s massive lead on betting platforms like Polymarket and Kalshi. However, the former President appears to be slipping with just 3 days left for election day.
Trump’s lead on Kalshi is down to just 6% after being as high as 30% earlier this week.
Similarly, Vice President Kamala Harris has taken the lead in key battleground states of Michigan and Wisconsin on Polymarket. Unsurprisingly, the Bitcoin price is reacting negatively to Trump’s slippage in the polls.
To make matters worse, the latest US Jobs Report highlights that the economy added only 12,000 jobs in October, substantially below the expected 106,000 figure, sparking concerns of an upcoming recession.
The Bitcoin bulls now have several key levels to hold or face the risk of a larger downside move.
Key S/R Levels To Watch For Bitcoin Price
Prominent crypto expert Nebraskangooner highlights two key support levels for Bitcoin – $69,400 and $67,800.
As of press time, the Bitcoin price is already trading below the first support, making $67,800 a crucial level for the bulls to hold.
However, the most important level for BTC remains the 99-day Smoothed Moving Average at $66,500. After a perfect retest of the level earlier this month, the BTC price skyrocketed to $73,500.
However, a breakdown below could result in major downside volatility, potentially sending the price down to $60,000.
New Meme Coins Remain In High Demand
New meme coins continue to show little correlation to the broader market sentiment.
While Dogwifhat and Popcat face the possibility of major downside volatility, FWOG – a new Solana meme coin – reached a new all-time high yesterday on Friday.
Similarly, another frog meme coin, Pepe Unchained (PEPU), continues its strong presale performance, hitting $24 million.
PEPU has appealed to whales and retailers alike, owing to its utility-driven nature and sound tokenomics.
For instance, Pepe Unchained’s Layer-2 ecosystem – which is expected to offer extremely low trading costs and instant transactions – is creating a strong buzz among meme coin enthusiasts. PEPU holders will also be able to take advantage of cutting-edge tools like custom DEX, Ethereum bridge and advanced analytics.
Moreover, the project has its own staking protocol, which is currently offering an APY of just under 100%.
Unsurprisingly, prominent crypto influencers are bullish on the new meme coin, with some investors eyeing anywhere between 50x to 100x returns from it.
