Bitcoin’s recent breakout above $70,000 has fueled optimism in the crypto market, with analysts eyeing the next resistance at $72,500.
The surge aligns with rising anticipation around the U.S. election, as traders weigh potential pro-crypto policy shifts.
This latest move supports a bullish Bitcoin price prediction, as growing institutional interest and macroeconomic factors add momentum to the rally.
Bitcoin Rises Above $70,000 Amid Talk of the US Election
As investors anticipate the US election on November 5, Bitcoin jumped past $70,000, reaching its highest valuation in three months. Bitcoin was only 5% off its record high of $73,700 after the current rise.
According to experts, such as Mathew Sigel, Head of Digital Asset Research at VanEck, Bitcoin’s bullish setup is comparable to the two-month period preceding the 2020 election, when the cryptocurrency surged 120%.
ETFs with a crypto focus are receiving a lot of support from institutional investors; this week, net inflows totaling $901 million were mostly driven by Bitcoin ETFs.
According to data from Polymarket, Vice President Kamala Harris has a 34% chance of winning, while Republican contender Donald Trump has a 65% chance.
Among investors, Trump’s alleged pro-crypto position is increasing optimism.
Bitcoin’s momentum might continue as Trump’s popularity grows and ETF investments rise. In the event that Trump wins, investors are placing bets that more pro-crypto policies will be implemented, which would boost the price of bitcoin.
Metaplanet Rises to the Second-Largest Bitcoin Ownership in Asia
The Japanese investment company Metaplanet is now Asia’s second-largest corporate Bitcoin owner. With the purchase of an extra 156.78 BTC on October 28, Metaplanet’s total holdings now reach over 1,018 BTC, or over $68 million.
Each Bitcoin is purchased from the corporation for an average of $61,629, or around 9.4 million JPY.Asia’s Second-Largest Bitcoin Ownership Goes to Metaplanet.
The economic situation in Japan led to the adoption of this “Bitcoin-first” approach in May. Despite the expansion, Metaplanet is still behind Hong Kong-based Meitu, which has 940.9 BTC, and Chinese startup Boyaa Interactive International, which has 1,100 BTC.
The CEO, Simon Gerovich, reaffirmed their dedication to Bitcoin, adding, “Always and forever.” Following a prior Bitcoin buy on October 15, Metaplanet’s shares jumped 16% and are now trading at 1,150 JPY ($7.50), indicating a 505% increase in 2024.
The active purchases made by Metaplanet indicate that businesses are becoming more interested in Bitcoin, which may improve market sentiment and raise prices.
Bitcoin Breaks Out Above $70,000—Bullish Momentum Targets $71,500 Resistance
Bitcoin has decisively broken out of its symmetrical triangle pattern, signaling a robust bullish trend. The price has surged above the key level of $70,240, driven by strong buying momentum, and is currently trading around $71,050.
This breakout suggests further upward potential, with Bitcoin eyeing the next resistance at $71,500. If the rally continues, the price could move towards the $72,830 level.
Bitcoin Price Chart – Source: Tradingview
However, if Bitcoin encounters selling pressure, immediate support is located near $70,240, with further downside support at $68,190.
The Relative Strength Index (RSI) at 85 signals overbought conditions, suggesting that a short-term pullback could be on the horizon. Meanwhile, the 50-day EMA at $68,190 supports the recent uptrend, adding strength to the bullish outlook.
Key Insights:
Bitcoin breaks out above $70,240, aiming for $71,500 resistance.
RSI at 85 signals overbought conditions; watch for potential pullback.
Strong support lies at $70,240, reinforced by the 50-day EMA at $68,190.
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The post Bitcoin Price Analysis: Breaks $70,000 Amid U.S. Election Buzz, Targets $72,500 appeared first on Cryptonews.
