Isabella García
Bitcoin continued its upward trend on Monday in Asia, nearing the $70,000 mark as investors focus on the upcoming U.S. presidential election, which is just two weeks away.
“The $70,000 level is a key psychological resistance point, being close to Bitcoin’s all-time high,” said Min Jung, an analyst at Presto Research. Bitcoin’s previous peak was over $73,700, reached in March this year.
Early Monday morning, the world’s largest cryptocurrency hit approximately $69,450 before settling at $68,768 by 11:30 a.m. in Hong Kong, according to PRIME’s bitcoin price page.
“With less than three weeks to the election, we expect the market’s attention on this pivotal event to intensify,” said David Lawant, Head of Research at FalconX. “For the first time, crypto has become a mainstream political issue, attracting a broader audience.”
Trump’s Influence on Bitcoin’s Price
As the U.S. election draws closer, the rising likelihood of former President Donald Trump’s victory is playing a role in Bitcoin’s price increase, according to Jung.
Trump has consistently shown a favorable stance toward the cryptocurrency sector. Although his opponent, Kamala Harris, has recently voiced support for crypto-friendly policies, Trump has endorsed various Web3 sectors, including NFTs, Bitcoin mining, and decentralized finance.
Data from Ethereum-based prediction market Polymarket shows Trump leading Harris by 21%, with his winning odds at around 60%. However, according to traditional polling aggregator FiveThirtyEight, Harris leads with 48.2%, just 1.8% ahead of Trump. The gap has narrowed from 3.1% since September 1.
“The best outcome for crypto would be a Trump victory, coupled with a Republican sweep of the House and Senate,” said Augustine Fan, head of insights at SOFA.org. Such a scenario could pave the way for digital asset reform, backed by Trump and Ohio Senator J.D. Vance, to have a real chance of passing through Congress.
Federal Reserve’s Role
The U.S. Federal Open Market Committee (FOMC) meeting, which follows the election on November 5, is another significant event. According to the CME Group’s FedWatch Tool, there is a 94.4% probability of a 25 basis point interest rate cut.
“If Trump continues to gain ground and the Federal Reserve signals a more dovish monetary policy, we could see renewed momentum for Bitcoin in the weeks following these events,” Jung added.
