#Bitcoin (BTC) briefly pushed above $66,000 earlier today as markets continued to rally following several macroeconomic developments that have positively impacted the price. BTC is currently up by just over 2%, as buyers look to push back above $66,000 while sellers look to drive it below $65,000. Several economic and political factors are behind BTC and the market’s strong start to the week. BTC’s price jumped following Donald Trump’s rise in the presidential polls. With his pro-crypto stance, Trump has promised to support the crypto ecosystem. As such, analysts expect a bull run should he win the election. However, his opponent, Kamala Harris, has also focused on crypto and promised to protect investors by implementing a new regulatory framework.
Looking at the price chart, we see that BTC spent most of the previous week in the red, dropping below the 50-day SMA on Wednesday and hitting a day low of $58,927 on Thursday. Buyers eventually pushed BTC back above $60,000 as BTC closed the day at $60,312, after a decline of 0.52%. Despite strong bearish sentiment, BTC made a strong recovery on Friday, going back above the 50-day SMA after an increase of 3.54% and settled at $62,446. Buyers also attempted to push above the 20 and 200-day SMAs but were unsuccessful.
BTC continued its recovery on Saturday, going above the 20-day SMA and settling at $63,055. However, it could not push above the 200-day SMA thanks to strong selling pressure. As a result, the price fell back in the red on Sunday, with BTC dropping by 0.67% to slip back below the 20-day SMA and settle at $62,385. With markets picking up on Monday, BTC rallied as well, surging by 5.36% to go past the 20 and 200-day SMAs and the crucial $66,000 level. However, after briefly pushing above $66,000, BTC fell back marginally and closed Monday at $65,992, above a critical resistance level.
The current session sees BTC marginally down as bears attempt to push the price below $65,000. However, they have not been able to so far. Buyers will look to keep BTC above $65,000 and go back above $66,000. In such a scenario, BTC could surge to $70,000 if it breaks past $66,000. On the other hand, should sellers drive BTC back below $65,000, it could slip to $62,000 or $60,000.
