Bitcoin fell to $68,550 on Monday, extending a six-day decline as investors brace for this week's U.S. election and Federal Reserve interest-rate decision.
The cryptocurrency has now lost over 6.7% from its monthly high of $73,645 and remains above the key support level of $66,510, while technical indicators show a golden cross and an inverse head-and-shoulders pattern hinting at a possible rally.
Traders view Tuesday's election as a short-term catalyst, with a Trump victory expected to boost crypto sentiment, though long-term impact is seen as limited.
The Federal Reserve meets on Wednesday, with analysts anticipating a 0.25% rate cut that could further shift capital into riskier assets, though the election's shadow may dampen immediate market response.
Polymarket odds place a 74% chance of Bitcoin retesting its all-time high this year, while the current price action suggests a potential comeback if support holds.