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Bitcoin is approaching the significant milestone of $70,000, hitting a high of around $69,450 early Monday in Asia, as attention turns to the U.S. presidential election. The election, just weeks away, is expected to have a growing influence on the crypto market.
The $70,000 mark is seen as a critical psychological resistance level for Bitcoin, as it edges closer to its all-time high of over $73,700 set in March this year. Analysts like Min Jung from Presto Research highlight the election’s potential to steer the market, especially with crypto becoming a mainstream political issue for the first time.
Former president Donald Trump’s rising odds in the election are seen as a factor driving Bitcoin’s price. Trump has been vocal in his support for the crypto industry, including sectors like NFTs, Bitcoin mining, and decentralized finance. While polls show Kamala Harris slightly ahead of Trump, the gap has narrowed significantly, and experts believe a Trump victory could boost crypto markets due to his pro-digital asset stance.
A win for Trump, especially combined with a Republican majority in Congress, could lead to the passage of digital asset reform plans, according to Augustine Fan of SOFA.org. This would be considered a positive outcome for the crypto sector.
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Following the election, another key event is the U.S. Federal Open Market Committee meeting, where a potential 25 basis point interest rate cut could further propel Bitcoin’s momentum if the Fed adopts a more dovish stance.
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