Amid signs of Trump's progress in swing states
Bitcoin price rose on Monday to approach $63,500, in line with its 200-day moving average. Geopolitical risks and a rising US dollar index are dampening a clear upward move for Bitcoin.
However, recent polls suggest that cryptocurrency-friendly candidate Donald Trump is leading in five of the seven key swing states ahead of the upcoming elections, boosting market optimism. Bitcoin has remained above $60,000 for the past three weeks, attracting investors’ attention.
In the past five days, Bitcoin’s value has been rising, moving further away from the $60,000 threshold. On October 2, the cryptocurrency closed at $60,500, close to its 50-day moving average, and tested the $63,500 level on October 7, 2024. This price point is important because it is in line with its 200-day moving average, according to Agence France-Presse.
With the US presidential election approaching in four weeks, surprising results continue to emerge from the polls. According to a report by Newsweek, Trump, who is known for his support for cryptocurrencies, is currently leading in five of the seven swing states that could significantly impact the outcome of the election.
The survey was conducted by AtlasIntel, a company known for its accurate predictions during the 2020 presidential election. According to the results, Trump has a lead of about three points in swing states like Michigan and Pennsylvania, while maintaining a narrow advantage in Arizona, Georgia, and Wisconsin. In contrast, his rival Kamala Harris is ahead of Trump by three points in North Carolina and Nevada.
Harris leads by 49% to Trump’s 47%. However, analysts suggest that the race in the swing states could remain tightly contested until the end.
Bitcoin overcomes September “curse” and records an amazing jump!
Cryptocurrency posts best monthly performance in 12 years
Bitcoin is on track to post a 10% gain in September, defying expectations of a decline in September, which has averaged a 5% decline in Septembers over the past 13 years.
Bitcoin rose 4.11% last week to $65,552, approaching its highest level since July.
Chris Newhouse, director of research at Cumberland Labs, said the $65,000 level had historically been a resistance point for Bitcoin in August and September. "We're retesting it," he said.
Bitcoin was trading at $65,669 on Sunday, up 0.14% over the past 24 hours.
