The price levels to keep an eye on are:

Bitcoin (BTC) price saw a sharp 8% correction between October 29 and November 3, briefly falling to $67,446 over the weekend. While the higher time frame (HTF) market structure remains bullish for BTC, the market is expecting a volatile trading session ahead of the US presidential election results on November 5.

Bitcoin’s current upward trend dates back to the low formed on September 6 at $52,510. Since then, each BTC correction during the higher high (HH) and higher low (HL) structures has retested the Fibonacci “golden zone” between 0.5 and 0.618. .

The chart below shows Bitcoin exhibiting similar behavior over the weekend, with the price closing above the 0.618 level. A daily close above $68,500 over the next 48 hours will complete the lower time frame (LTF) bullish structure and BTC will immediately recover above the $70,000 psychological level.

Cold Blooder Shiller, an anonymous trader on The merchant added.

“With a good retest and a show of strength, you can make a very strong case for holding more than $69,000 each day.”

Will there be a V-shaped reversal at $66,000?

Considering that Bitcoin lost the $68,500 level on the daily chart, the next area of ​​interest is around $65,000-$66,000. On-chain analyst Skew noted that the Bitcoin market has seen “sustained demand” around $65,000 to $66,000 during the recent bull rally, which pushed the price to over $70,000 in late October.

During the rally, market swings were observed on Binance between $66,000 and $67,000, with spot purchases pushing the value of BTC past $69,000. Therefore, clear areas of liquidity and order book depth have been established. Therefore, this area remains a clear area for future market bids.

As can be seen in the chart, the $66,000-$67,000 range acted as a key resistance level several times before breaking out and subsequently providing support for the BTC price before the recent high of $73,660.

Therefore, this key area could support Bitcoin for a potential V pattern reversal after the US election results kick in.

Related: Bitcoin Analyst Sees $66,000 as ‘Local Bottom’ as BTC Price Clears $200 Million

Bitcoin traders are at risk of liquidation.

Regardless of the election outcome, many cryptocurrency supporters believed that Bitcoin’s long-term trajectory was “upwards.” Charles Edwards, founder of the Capriole Fund, pointed out that the current BTC ETF trends clearly suggest that the market does not care who will be President of the United States in the long term.

Cobie, a popular cryptocurrency trader, also shared this view.

However, in light of Harris’ surprising win, Bitcoin may see a short-term price decline if traders decide to unleverage their long positions and remain on the sidelines for a few weeks until market volatility cools.

In this scenario, a retest to $62,000 is possible, as there is more than $300 million in leveraged positions at this price.

An order block around $62,000 can also be observed, and if the price drops to that level, the 50-day, 100-day and 200-day EMA levels may be retested across the board on the daily chart.

Related: US Election vs. Fed Rate Cut — 5 Things to Know About Bitcoin This Week