Bitcoin Holds Steady Amid Rising Market Anxiety: Latest Chart Analysis Ahead of U.S. Presidential Election

On November 4th, COINOTAG reported that with the nearing U.S. presidential election, there has been a marked increase in market apprehension among traders; however, Bitcoin remains firmly within a neutral zone. As of now, Bitcoin’s 21-day Relative Strength Index (RSI) has decreased to 56%, significantly under the overbought benchmark of 70%. This suggests that Bitcoin is neither in an oversold nor overbought position. A neutral RSI often implies reduced sensitivity among traders to market fluctuations, which could lead to a possible decrease in Bitcoin’s risk premium, particularly with the anticipated volatility following the election. This scenario sharply contrasts the bear market drop experienced in March when the RSI peaked at 80%, while notable recoveries in July and August occurred with an RSI reading as low as 25%. Consequently, engaging in volatility selling during this week appears to be a promising trading strategy.