Bitcoin price rallies as traders react to geopolitical and economic uncertainty, as the potential outcome of the upcoming US election.
Bitcoin (BTC) price gained 3.2% between Oct. 27 and Oct. 28, briefly testing the $69,200 level for the first time in a week. Although the rally encountered some resistance, Bitcoin bulls believe the conditions for a sustained uptrend are in place, especially given the latest socio-political and economic developments.
US 6-month Treasury yield (left) vs. oil WTI/USD (right). Source: TradingView
To start the week, oil prices declined by over 5.5% on Oct. 28 after the ongoing conflict in the Middle East failed to impact energy production or transportation channels. Israel launched attacks on Iran over the weekend; however, no oil or nuclear facilities were targeted, as reported by CNBC.
