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Bitcoin Price Forecast: BTC/USD slips below $14000 on mounting US election tensions

Bitcoin Price Forecast: BTC/USD slips below $14000 on mounting US election tensions
Dhwani MehtaDhwani MehtaFXStreet

Bitcoin, the most favorite digital asset, quickly eroded $300 after facing rejection near the yearly highs of 14,077.

The No. 1 coin fell as low as 13,730 after risk-off flows seeped into markets on mounting tensions surrounding the US election, as the results started trickling.

The odds for a Presidential victory shifting in favor of Donald Trump as against the Democrat candidate Joe Biden weigh on the market mood.

Trump looks to have taken the key states of Florida, Georgia and North Carolina while Biden is seeing gains in Ohio and Texas. These results are pointing to a more mixed picture, which could lead to a contested election. Therefore, the haven demand for the US dollar has returned, weighing on Bitcoin among other risk assets.

At the press time, BTC/USD trades at 13,813, struggling to recover ground.

Technical outlook

Bitcoin: 15-minutes chart

As observed in the 15-minutes chart, the spot is clinging onto ascending trendline support. The risk remains to the downside should the risk-off mood deepen with an unexpected Trump win.

The Relative Strength Index (RSI) points south below the midline, allowing room for more declines.

Author

Dhwani Mehta

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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