Kamala debate win stalls Bitcoin run

Bitcoin and meme coins stalled its bullish run amid the outcome of the presidential debate. Vice President Kamala Harris looks to have defeated former President Donald Trump in the first debate between the U.S. presidential candidates on Tuesday based on the direction of prediction bets on Polymarket; nevertheless, crypto policy was not discussed.
TRUMP meme coin reached an intraday high of $3.42  before facing Democratic opponent Kamala Harris, but as the discussion continued, it dropped below $2.9 levels.

The meme currency reached an all-time high of $17.51 on June 1 but has dropped by about 83%. Other tokens connected to Trump but not officially, like MAGA Hat (MAGA), lost about a fifth of its value.

The two candidates despite Harris’s performance, s are virtually deadlocked in the Polymarket contract for the election’s winner, with Harris’ chances somewhat improving throughout the discussion.

The 2024 presidential debate is currently in its second round. Following Tuesday’s event, Harris’s team demanded a third debate, which would be the second between Harris and Trump.

Bitcoin momentarily lost the $57K support line amid the debate outcome, as traders now focus on U.S CPI data. Price action shows Bitcoin might increase by 6% to retest its 50% price retracement level at $59,529 (drawn from a high in late July to a low in early August) if the $56,022 level holds as support.

The daily chart’s Relative Strength Index (RSI), which measures investor indecision, is circling its neutral level of 50. The Awesome Oscillator (AO) is still trading far below zero, which is its neutral position. , Both indicators must trade above their respective neutral levels for any impending recovery rally to be sustained.

Should the price of Bitcoin close below the $54,000 support level, this bullish thesis will be proven false. BTC might drop another 7% in this scenario and retest the next daily support level, around $49,917.

Felix Hartmann, the founder of Hartmann Capital and a provider of cryptocurrency content, suggests that you might not have to wait until the presidential election is over to witness a significant cryptocurrency surge driven by Donald Trump.

“The instant the chances of Trump winning the election become extremely high, which may occur at many points. I think the cryptocurrency market will likely blow up,” Hartmann says to the Hall of Fame.