Over the last 24 hours, Bitcoin’s value has dropped from $70,000 to just below $66,000, a 5.7% drop. Even so, it is still inside a range-bound channel that was made at the end of February and lasts for five months.
Analysts are looking for signs to explain why market sentiment dropped so quickly after reaching a seven-week high for the asset. Trader and economist Alex Krüger noticed that prices and excitement were very high on Monday when BTC hit $70,000 and then dropped straight down by 5%.
He said this might have something to do with the fact that Kamala Harris, the Democrat running for president, is doing well in the polls. In the polls, Trump’s lead had shrunk to just 1.5% on July 30.
On July 29, the US government moved about 29,800 BTC, which is about $2 billion. This happened just a few days after Donald Trump said he wouldn’t sell any of the government’s Bitcoin if he won the election. It is now worth about $12.5 billion and the US government holds 183,438 BTC.
