Analysis: This Bitcoin pullback helps to eliminate excessive speculation, preparing for another challenge at $70,000

According to reports, the daily trading price of BTC is relatively stable, around $67,500, having previously dipped to $65,160. Ryan McMillin, Chief Investment Officer at Merkle Tree Capital said, "We believe this pullback is not related to the U.S. election but more like a natural 'liquidity hunt' after last week's surge."

When traders hold long leverages, price reversals force them to sell or liquidate their positions, putting downward pressure on asset prices. McMillin stated that this is seen as a healthy correction that clears out speculative excess before the market resumes its upward trend. "We expect to test the resistance level of $70,000 again soon but we may have to wait until the U.S. election for a real breakthrough."

Pratik Kala, Portfolio Manager at Apollo Crypto predicts that in the eve of elections BTC price might fluctuate between $63k and $68k USD. “If it breaks through 71K USD it means that market believes there’s high probability Trump will win,” added Kala.