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Experts point to election-related developments as the driving force behind Bitcoin's recent upward trend.
Avinash Shekhar, CEO and co-founder of Pi42, said that the leading cryptocurrency is approaching the $70,000 resistance level amid a mix of political factors and favorable macroeconomic conditions.
“Bitcoin hits $68,700 on Kamala Harris’ support for crypto, Trump’s 60% re-election odds, low interest rates and easing fears of World War III,” Shekhar said in a statement.
He added that Bitcoin bulls are targeting $72,000 in the near term, while bears are attempting to sustain a drop below $66,500.
Open Interest Rises as Investors Bets on Breakout
The increase in open interest (OI) also reflects increased market participation, signaling that traders are preparing for more volatility. Data from CoinGlass shows that Bitcoin’s OI has risen to $40.57 billion, with 593,000 BTC locked in open contracts.
“Bitcoin is struggling to break above the $70,000 resistance, and the market’s bullish interpretation of Trump’s rising odds has increased appetite for risky assets,” Bernstein analysts wrote in a report.
Political and Market Sentiment Align for Bitcoin Rally
Trump currently has a 61.4% lead in winning the November 5 election, compared to Kamala Harris' 38.6%, according to prediction platform Polymarket.
Trump’s chances of taking office are seen as a positive for crypto markets, given his administration’s supportive stance on digital assets, including Bitcoin mining and decentralized finance (DeFi).
Meanwhile, Harris’ policy statements in favor of crypto adoption contributed to the bullish sentiment by easing fears of regulatory crackdowns.
*This is not investment advice.