Ahead of the highly contested 2024 United States presidential election today, Bitcoin (BTC) price dropped around 2 percent to trade at about $67,848 on Tuesday, November 4, during the early Asian session. Having been rejected around the all-time high of about $73.3k in the last few days, Bitcoin price is currently retesting a crucial support level, above July’s peak.

From a technical analysis point of view, Bitcoin price has a higher bullish outlook despite the ongoing market correction. In the daily time frame, Bitcoin price has been forming higher highs and higher lows, an established characteristic of a rising market trend.

Why is Bitcoin Price Down Today?

Bitcoin price is dropping today following a notable selloff from whale investors. According to the latest market data, the US spot BTC ETF issuers registered the first net cash outflows after seven days of major cash inflows amounting to over $2.2 billion. 

On Monday, the US spot BTC ETF issuers led by Fidelity’s FBTC registered a net cash outflow of over $579 million. Bitcoin’s fear and greed index dropped from 77 to 70 percent in the past 24 hours, but investors remained in greed mode.

Short-Term Expectations 

According to historical trends, Bitcoin price has been highly volatile during the last three U.S. elections, but the overall trend remained bullish. With the crypto issue standing out in the 2024 US elections more than any other, Bitcoin price is expected to regain bullish momentum in the near term. 

Although Wall Street analysts believe that Bitcoin price will continue in bullish momentum irrespective of the presidential winner, the crypto community has been vouching for Republican presidential candidate Donald Trump.

In case of a bullish rebound ahead, Bitcoin price is expected to reach a short-term target of between $78k and $84k, which coincides with the daily 1.618 and 2.618 Fibonacci Extension.

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