Odaily Planet Daily News Bitfinex Alpha Research Report pointed out that the correlation between Bitcoin price movements and Trump's election probability has increased. As investors assess the potential impact of a Republican victory on future crypto regulations, the cryptocurrency market has shown greater sensitivity to the US election. In addition, the open interest (OI) of Bitcoin perpetual contracts and futures contracts soared to a record high of more than $40 billion, reflecting increased speculative activity, indicating that most of the current price movements are driven by leveraged futures positions rather than spot market demand. Supported by macroeconomic factors such as the Federal Reserve's possible rate cuts, increased liquidity, and improved US cryptocurrency regulatory conditions, Bitcoin may continue its upward trajectory and may be expected to replicate its strong performance in October 2023 if it breaks through the $70,000 resistance level and breaks through its eight-month consolidation range.