Investing.com – Bitcoin briefly rose above key levels in evening trading on Monday amid growing bets on a Republican victory in the upcoming U.S. elections, although positive technical signals also provided strength.
rose as much as 3% to a three-month high of $70,203.4, shrugging off recent concerns over reports stating the U.S. government is investigating a major stablecoin exchange.
The token has been boosted largely by growing speculation that Donald Trump will defeat Kamala Harris in the upcoming election, which will vote on November 5.
Online prediction markets favored a Trump victory, and recent polls also showed Trump gaining ground over Harris.
Trump campaigned on promises of cryptocurrency-friendly regulations, which may bode well for the industry in the US
Sentiment towards Bitcoin was also strengthened by the formation of a golden cross between the token’s 50-day and 200-day moving averages. A golden cross is formed when an asset’s short-term moving average exceeds its long-term moving average and usually heralds an boost in prices.
If Bitcoin is able to sustainably raise $70,000, it will be about $4,000 low of surpassing record highs last seen in March.
