According to TechFlow, Bitcoin traders expect the price to reach $70,000 in the short term as crypto market sentiment is high ahead of the U.S. election and selling pressure from key wallets eases.

Lucy Hu, senior analyst at Metalpha, said the Bitcoin price rebound shows that the market is more optimistic about the short-term macro environment. Trump's selection of pro-crypto Ohio Senator JD Vance as his 2024 running mate has boosted market confidence.

Bitcoin price could hover around the 120-day moving average and could rise to $68k or $70k, but the impact of the Fed policy and Mt. Gox needs to be closely watched.

Trump’s odds of winning the 2024 election have risen to 69% from 60% last week, according to Polymarket data.