Bitcoin and Ethereum Market Surge Amidst Anticipated U.S. Election Impact: A Deep Technical Analysis

As we approach the end of Q3, the cryptocurrency market has seen significant movement, driven by anticipation of the upcoming U.S. elections in November.
Bitcoin's recent performance, breaking the $73,000 threshold for the first time in seven months, highlights the momentum building across the market. However, this surge was tempered by a slight decline, showcasing the delicate balance of market dynamics.

Bitcoin’s Technical Landscape and Institutional Inflows
From October 25 to November 1, Bitcoin (BTC) appreciated by 4.5%, peaking at $73,600—just 0.3% shy of its all-time high at $73,794. However, from October 30 onward, BTC experienced a gradual retracement, ultimately dropping below the $70,000 support level. The key driver behind this uptick was a sustained flow of funds into Bitcoin spot ETFs. During this period, there were consistent daily inflows into BTC ETFs, with the last recorded outflow dating back to October 22. Of particular note, October 30 saw an exceptional inflow of $893.21 million—the highest since spot ETFs were introduced in January.

The accumulation trend among institutional investors, often referred to as "whales," has further contributed to Bitcoin’s upward trajectory. Data from the blockchain analytics firm Lookonchain indicates that a single whale recently accumulated 2,000 BTC, valued at $144.82 million, yielding an unrealized profit of $6.3 million. This strategic positioning underscores the level of confidence within the market’s largest participants.