After hitting a low of $67,450 in the late night yesterday, bitcoin showed a strong rebound. This morning, it reached a high of $69,350. What important economic events should we pay attention to this week?

Bitcoin was very weak over the just-ended weekend, hitting a low of $67,450 in the late night yesterday, the lowest in nearly 7 days. The reasons for the decline may include lack of investor support for the financial reports of the seven major U.S. stocks from last week and choosing to stay out before the election to avoid potential big fluctuations, which could be one of the main reasons for the market downturn.

However, after a brief dip in BTC, bitcoin temporarily experienced a strong rebound, reaching a high of $69,350 this morning, with a 2.7% increase within 6 hours. As of writing, it has slightly dropped to $68,637. What major events in the upcoming week might impact the coin's price? Let's quickly go through below.

USA presidential election

The USA presidential election will officially take place on local time November 5th, with the earliest voting ending in certain districts of Indiana and Kentucky.

Overall, if a new U.S. president can be elected on that day with a convincing number of votes, it may be the best bullish factor for the stock market.

However, if there is a close race in swing states, the loser questions the results leading to lengthy legal procedures, or if Trump prematurely declares victory again, or even triggers riots, it could put pressure on the global risk investment markets and cryptos. Investors, please be cautious.

Federal Reserve's interest rate cut probability reaches 98%.

In addition, there is another important news next week, the Federal Reserve will hold its interest rate decision meeting in November, and is expected to announce it early on the 8th, which may also bring significant volatility to the global market.

According to the CME Fed Watch tool, the current market believes that there is a 97.9% probability of a rate cut of 1 point this month, a 2.1% probability of a rate cut of 2 points, and no one thinks the Fed will continue to keep rates unchanged.

A total of 0.363 billion US dollars were liquidated across the network in the past 24 hours.

In the volatile market of bitcoin, according to Coinglass data, in the past 24 hours, the total amount of cryptos liquidated across the network has exceeded 0.36 billion US dollars (with the long positions accounting for 0.26 billion US dollars), with over 0.145 million people being liquidated.