Since October 12, the price of Bitcoin (BTC) has risen rapidly from $62,000 to $69,000, a 10% increase in less than a week. However, the price encountered resistance near $69,000 and failed to break through the $70,000 mark. This price stagnation may be due to the market waiting for certain catalysts, such as the impact of macroeconomic events such as the Federal Reserve's interest rate decision or the results of the US election.

The sudden rise of Bitcoin is in sharp contrast to the decline of altcoins. In the cryptocurrency market, the total amount of liquidity is limited. When Bitcoin rises at a key position, funds tend to flow to Bitcoin, causing altcoins to suffer from the phenomenon of "blood sucking". Usually, only when Bitcoin enters a sideways phase, some altcoins have the opportunity to start the market.

At present, every rise of Bitcoin seems to be at the expense of altcoins, which shows that there is not much real remaining liquidity in the market. Ethereum (ETH) and Solana (SOL), as the leaders of altcoins, have also shown a decadent trend and have not followed Bitcoin's breakthrough. Once Bitcoin's upward momentum weakens, these altcoins may quickly change their trends.

Except for a few areas such as MEME, AI, and inscriptions, most other altcoins are in a downturn. Bitcoin has even begun to have an impact on the inscription, Meme, and AI fields recently. Only Dogecoin (DOGE) is still rising with the support of Elon Musk.

The market generally believes that for Bitcoin to break through $70,000, it may need the Fed's interest rate cut in early November and the results of the US election as an assist. The market's expectations for the Fed's 25 basis point interest rate cut on November 7 are very high, reaching about 93%. Therefore, the US election in November may have a significant impact on the currency circle.

If Trump wins the election, it may be beneficial to the entire crypto industry, and the price of Bitcoin may rise sharply, breaking through the previous high of $73,000. However, it is worth noting that many people may have exhausted their funds in previous market fluctuations, and the rules of the game in the financial market are not to see who runs faster, but to see who can go further.