Bitcoin’s price has surged to $68,000 as traders take advantage of positive market sentiment ahead of the upcoming U.S. elections. After a challenging September, investors eagerly bought during dips, driving prices higher.
Bitcoin’s price surge is coinciding with political factors, with Polymarket data showing Donald Trump’s chances of winning at 60.9% and Kamala Harris at 39.1%. This political climate enhances Bitcoin’s appeal among investors.
However, short-term holders have been selling their coins around this $68,000 mark, creating strong resistance that might lead to a price pullback.
Despite an 11% gain this week, some traders worry about a potential price dip before Bitcoin reaches new heights. Increased market volatility is making trading riskier and borrowing more expensive.
Interestingly, 5% of the circulating Bitcoin supply is currently at a loss, while the remaining 95% is profitable, suggesting profit-taking might increase as prices rise.
In terms of institutional interest, US-listed spot Bitcoin ETFs experienced significant inflows, totaling $1.38 billion over three days, with $456.9 million on Wednesday alone.
Currently, Bitcoin price is trading at $67,729, up 0.32% in the last 24 hours. The key support level to watch is $65,000. If buyers can hold above this, we may see a push towards $70,000. However, a drop below $65,000 could signal further declines.
The recent rise in Bitcoin’s price reflects growing investor confidence, driven by positive market sentiment and political factors. As traders seize opportunities, the selling pressure at $68,000 could create challenges for future gains.
Also Read: Italy to raise Capital Gains Tax on Bitcoin to 42% ahead of ‘Bitcoin Boom’
