Bitcoin saw a notable surge of up to 3.7% on November 5, coinciding with the start of the U.S. Presidential Election, reaching nearly $70,300 before correcting to $69,500. This unexpected spike led to a wave of short position liquidations, surprising many in the market. Traders are drawing parallels to previous election years, noting that Bitcoin often rallies post-election. Historical data shows significant gains after past elections, with increases of 37% in 2016 and 98% in 2020. Analysts suggest Bitcoin is "fairly valued," hinting at potential for further gains if positive catalysts emerge post-election.