Bitcoin nears $70,000 ahead of US presidential election

Bitcoin (CRYPTO:BTC) is approaching the significant $70,000 milestone as the U.S. presidential election draws closer.

Early Monday morning in Asia, Bitcoin reached a high of $69,450 before retreating to $68,768 by mid-morning in Hong Kong, according to The Block’s bitcoin price page.

Market analysts are closely watching the upcoming election, expecting it to increasingly influence the crypto market.

Min Jung, an analyst at Presto Research, noted, "The $70,000 level represents a significant psychological resistance point, being close to bitcoin’s all-time high."

Bitcoin last reached an all-time high of over $73,700 in March this year.

As the election nears, analysts highlight the growing political relevance of cryptocurrency.

David Lawant, Head of Research at FalconX, explained, “For the first time, crypto has become a mainstream political issue, engaging a broader audience.”

With less than three weeks to election day, investors are paying close attention to how political outcomes may impact the crypto market.

Donald Trump’s rising election odds are seen as a contributing factor to Bitcoin's recent surge.

While his opponent Kamala Harris has voiced support for crypto policies, Trump has consistently been more vocal in backing sectors like non-fungible tokens (NFTs), decentralised finance (DeFi), and bitcoin mining.

According to the Ethereum-based prediction platform Polymarket, Trump leads Harris by 21%, with winning odds around 60%.

However, traditional polls from FiveThirtyEight show Harris leading with 48.2%, just 1.8% ahead of Trump.

Augustine Fan, head of insights at SOFA.org, commented that a Trump win, along with a Republican-controlled Congress, could be the most positive outcome for crypto.

In addition, the upcoming Federal Open Market Committee (FOMC) meeting on November 5 could further drive momentum for Bitcoin if interest rate cuts are announced.

At the time of writing, the Bitcoin price was $68,963.62.