Bitcoin briefly falls below $70k amid election hopes, good tech Via Investing.com
Investing.com– Bitcoin briefly breached key levels in late-night trading on Monday amid growing betting on a Republican victory in the upcoming US election, while technical signals gave a boost.
rose 3 percent to a three-month high of $70,203.4, dismissing recent concerns over reports that the US government was scrutinizing the major stablecoin.
The token was boosted by growing speculation that Donald Trump will beat Kamala Harris in the upcoming election, with the vote taking place on November 5.
Online prediction markets favor a Trump victory, and recent polls have also shown Trump gaining ground against Harris.
Trump campaigned on promises of crypto-friendly regulation, which could bode well for the US industry
Sentiment towards Bitcoin was also encouraged by the formation of a golden cross between the token’s 50-day and 200-day moving averages. A golden cross is formed when the stock’s short-term moving average exceeds the long-term moving average, and usually heralds a bullish trend.
If Bitcoin manages to sustainably take $70,000, it will be about $4000 from hitting the record highs last seen in March.
