Bitcoin continued its momentum, climbing for the fourth time in five days as speculators target $70,000 amid growing enthusiasm for the cryptocurrency.

The largest cryptocurrency rose 2.9% to $68,898, surpassing the level reached on Wednesday and the highest since July 29. Bitcoin last traded at $70,000 on June 12.

“Momentum is strong and the path of least resistance is to the upside given the macro backdrop,” commented Jaime Baeza, managing partner at crypto hedge fund AnB Investments.

Investors poured more than $1.8 billion into U.S. ETFs holding bitcoin this week, according to Bloomberg data. The investment products were first approved in the U.S. in January, boosting market confidence. Bitcoin hit an all-time high of $73,797 in March, buoyed by optimism about ETF demand. However, the price fell more than 30% in early August before the current bull run began.

Tang, president of leading trading firm Arbelos Markets, noted the strong ETF inflows this week. “There are a lot of options positions, between 68,000 and 71,000, so there could be some short gamma,” he said. As investors flock to the options market, dealers who offer these contracts engage in “gamma hedging,” buying or selling to neutralize the rapid change in their risk.

Optimism is also fueled by expectations that the next U.S. presidential administration will be more crypto-friendly, regardless of whether Vice President Kamala Harris or former President Donald Trump wins next month. Harris has addressed longstanding complaints from the crypto industry about a lack of regulatory clarity by promising to create a regulatory framework for cryptocurrencies. Meanwhile, Trump has actively supported crypto-focused voters and has crypto-related projects in the works.

Maley, chief market strategist at Miller Tabak + Co., warned investors to be cautious because the polls are very tight. “The polls are still very, very tight, so investors need to be cautious in the coming weeks,” he said.