• Bitcoin’s healthy correction is linked to election volatility, with potential growth expected in the mid-to-long term.
• OTC Bitcoin shortages may fuel price surges as more buyers shift to exchanges, adding momentum to Bitcoin’s upward trend.
• Investors are setting orders near $65K, anticipating a potential bounce toward $74K-$78K if Bitcoin revisits its support level.

Bitcoin’s recent market dynamics reflect a resilient asset undergoing a healthy correction after a rally. Bitcoin initially surpassed $65,000, challenging bearish outlooks with this new high, marking a pivotal moment since its last all-time high. 

Although Bitcoin currently trades around $67,694—down approximately 8.8% from last Tuesday’s peak—analysts affirm this pullback is reasonable, especially considering its recent upward surge.

Election-Driven Volatility and Market Outlook

Significantly, the correction coincides with election-related anticipation, adding an extra layer of volatility. If Kamala Harris wins, the market may experience short-term declines. However, analysts see mid- to long-term potential for bullish growth, regardless of the election outcome. 

Both Harris and Trump are seen as long-term positives for Bitcoin, as Federal Reserve policies on monetary printing are expected to persist regardless. Besides, historical patterns suggest election results often bring temporary shifts without altering the trend.

OTC Shortages and Exchange Demand

Notably, there are increasing reports of over-the-counter (OTC) Bitcoin shortages, intensifying the pressure on buyers to turn to exchanges. OTC desk supply appears critically low, with sources suggesting a drop to around 110,000-130,000 BTC from an estimated 400,000 BTC balance. 

This supply squeeze has encouraged prominent buyers, such as BlackRock, to purchase directly through exchanges like Coinbase. Consequently, analysts anticipate this dwindling OTC supply will catalyze more visible price surges as large-scale buyers shift to exchanges.

Trade Ideas: Key Levels and Future Movements

Investors are eyeing the $65,000 level as a key support zone. Many have set long orders around this mark, anticipating possible short-term dips. Should Bitcoin revisit this area, it could trigger a wave of buying, potentially pushing prices toward a projected range of $74,000-$78,000. With a bullish overall trend, Bitcoin seems poised for gains, with analysts suggesting a V-shaped recovery may soon emerge.

The post Bitcoin Shows Strong Resilience Amid Healthy Correction and Election Volatility appeared first on Crypto News Land.

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