Bitcoin jumps above $69,000, reaching 3-month high as Trump’s election odds increase

Bitcoin (BTC), the largest cryptocurrency by market value, has crossed the $69,000 mark, hitting a three-month high during early trading on Monday. This increase comes as the U.S. presidential election approaches in two weeks, with polls showing a growing chance of former President Donald Trump winning the election on November 5. His previous support for cryptocurrencies is boosting confidence among crypto investors.

At 11:45 AM IST, Bitcoin was trading 1.2% higher at $69,045, while Ethereum (ETH) rose 3.4% to $2,732. Earlier, Bitcoin briefly reached $69,450.

“The current U.S. election year is adding fuel to the bullish outlook. Prediction markets are showing increased odds of a Trump victory, which has excited the crypto community. Trump has openly supported the idea of making crypto central to America’s economic future, even going so far as to suggest repaying the US national debt using crypto. This pro-crypto rhetoric has further energised market participants, contributing to heightened optimism,” said CoinSwitch Markets Desk.

Avinash Shekhar, Co-founder and CEO of Pi42, noted that Bitcoin is trading around $69,000, driven by support from Kamala Harris, Trump’s 60% chance of reelection, and low interest rates. He expects a near-term price target of about $72,000, while bears will watch for a drop below $66,500.He added, “Ethereum has broken out of a pattern and shows strong upward momentum, potentially reaching $2,850, where selling pressure might appear. A retest of this level would suggest buying on dips, while a drop below the 20-day average could indicate bearish sentiment.”

Among other major cryptocurrencies, BNB gained 1.7%, Solana rose 7%, XRP surged 2%, Dogecoin surged 5.6%, Cardano 5.5%, and Shiba Inu increased by 3%. Chainlink and NEAR Protocol also posted gains of 5% and 6%, respectively.In the last 24 hours, the market cap of Bitcoin increased to $1.364 trillion. Bitcoin’s dominance is currently 57.17%, according to CoinMarketCap. BTC volume in the last 24 hours rose 71.5% to $23.56 billion.”Bitcoin has broken the key resistance at $69,000 with impulsive momentum. If it breaches $70,000, a clear path to $72,000 awaits the top crypto asset. A strong close to October will invalidate seven months of registering lower highs for Bitcoin and lead it into a bullish phase of the cycle with new all-time highs likely,” said Vikram Subburaj, CEO of Giottus Crypto Platform.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)