Bitcoin briefly crosses $70k amid election hopes, positive technicals

Bitcoin briefly crossed key levels in evening trade on Monday 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 3% to a three-month high of $70,203.4, shrugging off recent concerns over reports stating the U.S. government was probing stablecoin major Tether . 

The token 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.

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. 

If Bitcoin is able to sustainably take $70,000, it will be about $4000 away from crossing record highs last seen in March. 

Source: Investing.com