On Thursday (October 17), Bitcoin maintained a strong bull market at $67,500. Fox Business reporter Eleanor Terrett said that Republicans revealed that if Trump is elected, he will break the deadlock in cryptocurrency regulation. Trump's chances of winning the November election soared to 58.5%, and he was significantly decoupled from Vice President Kamala Harris, stimulating a large influx of Wall Street funds into Bitcoin spot ETFs.

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Eleanor wrote: “My latest report is that Trump may break the cryptocurrency regulatory deadlock. U.S. Rep. Byron Donalds gave a speech saying Trump is ready to ‘clean up’ the regulatory agencies.”

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According to data from Polymarket, a large cryptocurrency betting platform, Trump's chances of winning in November have significantly "decoupled" from Harris, reaching a new high of 58.5%. This means that the gap between his and Harris's chances of winning is currently 17.2%, and he has continued to expand his lead since the "golden cross" formed in early October.

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Hopes of a Trump win coincide with an optimistic update from Santiment, which on Wednesday commented on investor sentiment regarding Bitcoin, saying: “Mass sentiment on Bitcoin remains firmly bullish (see 2x more bullish comments for every bearish comment).”

On Tuesday, the U.S. Bitcoin spot ETF market reported a total net inflow of $371 million, and the inflow continued into Wednesday. According to Farside Investors: Fidelity Wise Origin Bitcoin Fund (FBTC) had a net inflow of $14.8 million, Bitwise Bitcoin ETF (BITB) reported an inflow of $12.9 million, and ARK 21Shares Bitcoin Spot ETF had a net inflow of $11.5 million.

Excluding the flow data of iShares Bitcoin Fund (IBIT), the total net inflow of the U.S. Bitcoin spot ETF market was $65.1 million. IBIT's net inflow on Tuesday was $288.8 million. It is worth noting that the U.S. Bitcoin spot ETF market is preparing to have inflows for four consecutive days, tilting the supply and demand balance towards Bitcoin.

Investors should remain vigilant as oversupply risks remain. The U.S. government holds 203,239 bitcoins. If the U.S. government announces plans to sell its bitcoin holdings, the price of the currency may face selling pressure. However, recent trends in U.S. bitcoin spot ETF market flows and views on the Fed's interest rate path may alleviate oversupply risks.

Bitcoin Technical Analysis

FXEmpire analyst Bob Mason said Bitcoin remains firmly above the 50-day and 200-day EMAs, confirming the bullish price trend.

A breakout above Wednesday’s high of $68,387 would put the price at $69,000 resistance. Additionally, a break above the $69,000 resistance could allow the bulls to charge towards $70,000.

Conversely, a break below the $65,000 and $64,000 support levels could signal a drop towards the 50-day EMA.

With a 14-day RSI reading of 67.01, Bitcoin could climb to the $69,000 resistance level before moving into the overbought zone.

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