*Why Bitcoin Price is Increasing Today?*
Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization is gaining significant attention from the crypto community following its impressive price surge over the past 24 hours.
With a surge of over 6%, BTC reclaimed the $66,000 level for the second time since July 2024.
*Reason Why Bitcoin Price is Increasing*
The potential reason for this massive upside momentum is the upcoming presidential election in the United States.
According to the data shared by trading firm QCP Capital, Bitcoin’s current price action is similar to those noticed before the U.S. election in 2016 and 2020.
*Bitcoin Technical Analysis and Upcoming Levels*
According to expert technical analysis, Bitcoin appears bullish but is currently facing a strong rejection at a crucial resistance level of $66,200 level.
The last time BTC reached this level, it experienced a sudden price decline of over 10%. If BTC breaches this hurdle and closes a daily candle above the $68,000 level, there is a strong possibility it could reach its all-time high.
Currently, BTC is trading above the 200-day Exponential Moving Average (EMA), indicating an uptrend. Traders and investors use this indicator to determine whether an asset is in an uptrend or downtrend.
