Bitcoin (BTC), the world’s largest cryptocurrency by market cap, is gaining significant attention from the crypto community following its impressive price surge over the past 24 hours. With a surge of over 6%, BTC has reclaimed the $66,000 level for the second time since July 2024.

Reason Why Bitcoin Price Is Rising

The potential reason for this massive bullish momentum is the upcoming US presidential election. According to data shared by trading firm QCP Capital, Bitcoin’s current price action is similar to those seen before the US elections in 2016 and 2020. During this period, BTC experienced a significant bullish rally.

QCP Trader Comments

QCP Traders said: “If we look back at 2016, BTC was trading in a very tight range for over 3 months. It was only three weeks before the US election day that BTC started its rally from $600 and finally doubled its price in the first week of January.”

They further added: “Similarly, in 2020, BTC was stuck in a boring range for half a year and only started to rally from $11k just three weeks before US Election Day, reaching a high of $42k in January.”

Adding October's bullish historical pattern and positive performance, traders added: "Today's rally definitely gave the market a glimmer of hope, just as October's optimism was fading."

Bitcoin Technical Analysis and Next Levels

According to technical analysis by experts, Bitcoin looks bullish but is currently facing a strong rejection at a crucial resistance level of $66,200. The last time BTC reached this level, it suffered a sudden price decline of over 10%. If BTC breaches this hurdle and closes a daily candle above the $68,000 level, there is a strong possibility that it could reach its all-time high.