Bitcoin sets its sights on $70,000: It started the week strong.
The leading crypto Bitcoin (BTC) has reached $70,000, increasing by nearly 2 percent in the last 24 hours.
BTC has gained strong momentum despite analysts' expectations of a correction. In particular, the US presidential elections to be held on November 5 and the economic outlook in Japan accelerated BTC's rise.
According to The Block's report, BTC started the first trading day of the week with purchases from Asia. The leading cryptocurrency reached $69,450 in Asia in the morning hours. Presto Research analyst Min Jung said, "The $70,000 level represents an important psychological resistance point as Bitcoin is close to its all-time high."
The recent rise in BTC brought to the agenda whether the $70,000 resistance will be broken.
Bitcoin is walking to the top
The positive outlook in Asian markets affected the Bitcoin (BTC) price. BTC started the new week above $69,000.
FalconX Research Director David Lawant attributed the strong price structure in BTC to the US elections. Lawant noted;
âWith less than three weeks until Election Day, we expect the market to focus on this critical market event to increase even more from now on. Crypto has become a mainstream political topic for the first time and has attracted the attention of a wider audience.â
US presidential candidate Donald Trumpâs near-victory two weeks before the election has strengthened the crypto market. BTC has begun pricing in the possibility of his political supporter Trump winning the elections.
Following the presidential elections, another important piece of data will affect the $BTC price on November 7. The US Federal Open Market Committee (FOMC) meeting will be held on that date. CME Group predicts that the FOMC meeting will result in a 25 basis point interest rate cut.
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