Bitcoin price today: surges to near $71k amid election hopes, positive technicals

Bitcoin rose sharply on Tuesday to a near five-month high amid growing bets on a Republican victory in the upcoming U.S. elections, while positive technical signals also provided strength.

Bitcoin rose as much as 5% to a near five-month high of $71,521.0, shrugging off recent concerns over reports stating the U.S. government was probing stablecoin major Tether . 

The token curbed some gains to trade at $70,952.5 by 01:27 ET (05:27 GMT). Broader cryptocurrency prices also rallied tracking Bitcoin.

A report from Coindesk attributed the price spike to buying by major crypto whales on Binance during Asian hours. US election watch buoys Bitcoin

The world's largest cryptocurrency was boosted largely by growing speculation that Donald Trump will beat Kamala Harris in the upcoming election, with voting set to take place on November 5. 

Online prediction markets favored a Trump victory, while recent polls also showed Trump gaining ground against Harris. 

Trump has campaigned on promises of crypto-friendly regulation, which could bode well for the industry in the U.S.

But Harris had recently also pledged to a crypto regulatory framework, spurring bets that the crypto industry will benefit regardless of the election outcome. Bitcoin forms golden cross, record highs close

Sentiment towards Bitcoin was also encouraged by the formation of a golden cross between the token’s 50-day and 200-day moving average. A golden cross is formed when an asset’s short-term moving average exceeds a longer-term moving average, and usually heralds upward movement in prices. 

Tuesday's gains put Bitcoin back in sight of a $73,750 record high hit in March.

The world's biggest cryptocurrency had traded largely rangebound since marking new peaks in March, although its recent gains put it well above a $50,000 to $65,000 trading range seen through most of the year. Crypto price today: altcoins track Bitcoin rally

Broader cryptocurrency prices advanced on Tuesday, tracking strong gains in Bitcoin. Ether , the world's biggest altcoin, rose 5.4% to $2,620.87.

Other altcoins SOL, MATIC, XRP and ADA surged between 1.8% and 5%, while among meme tokens, DOGE rallied nearly 14% to a five-month high.

 

Source: Investing.com