Heightened volatility has been seen on Wednesday, November 6, against the backdrop of final exit polls in the US presidential election. The BTC/USDT pair soared to an all-time high of $76k on the back of preliminary election data and the projected victory of Donald Trump.
The presidential election is a complex and multi-stage process that requires a focus on various issues, including electoral campaigns, the role of electoral colleges, and the specific features of each state.
BTC/USD is currently trading near $74,346. Pronounced volatility will continue until the end of the week. On November 7, the FOMC will announce its policy rate decision. According to CME Group, interest rates will likely be cut by 25 bps to 4.75%. Since a rate cut has been priced in by the market, participants will be closely watching Powell's post-meeting speech.
After rising to an ATH, if bitcoin does not retrace to $70k the rally could gain momentum, with the next upside target at $80k.