Bitcoin Surges to Near Five-Month High on U.S. Election Betting and Technical Strength
Bitcoin Hits Near Five-Month High Amid Republican Victory Bets
Bitcoin experienced a significant rise, reaching nearly five-month highs, amidst increased speculation on a Republican win in the upcoming U.S. elections. The digital currency surged by as much as 5% to $71,521.0, despite recent concerns regarding the U.S. government’s investigation into stablecoin major Tether.
Bitcoin’s Movement and Market Reaction
Bitcoin’s price surged after major crypto whales on Binance made significant purchases during Asian trading hours. This momentum also fuelled a broader rally across the cryptocurrency market, with Bitcoin trading at $70,952.5 by 01:27 ET.
Factors Driving Bitcoin’s Rally
Speculation about President Donald Trump defeating Kamala Harris in the upcoming U.S. elections has contributed to Bitcoin’s upward momentum. Online prediction markets and recent polls have favored Trump, who has promised crypto-friendly regulations. However, Harris has also pledged to implement a regulatory framework for cryptocurrencies, indicating potential benefits for the industry regardless of the election outcome.
Technical Indicators and Record Highs
Sentiment around Bitcoin has been bolstered by the formation of a golden cross between the token’s 50-day and 200-day moving averages. The golden cross typically signals upward price movement, with Bitcoin now eyeing the $73,750 record high achieved in March.
Altcoins Follow Bitcoin’s Lead
Altcoins also saw gains in response to Bitcoin’s rally, with Ethereum rising 5.4% to $2,620.87. Other altcoins such as SOL, MATIC, and ADA experienced increases between 1.8% and 5%, while meme token DOGE surged nearly 14% to a five-month high.