The recovery of cryptocurrencies, driven by optimism in the market and political dynamics in the US, suggests that BTC could reach new all-time highs if it manages to stay above $66,000.
Bitcoin seeks to reach US$69,000, with the focus on the US elections
Cryptocurrencies start the week with positive momentum. Bitcoin (BTC) shows a notable increase after the opening of the European market, approaching US$69,000. For its part, Ethereum (ETH) also registers a significant rise of more than 2%, exceeding US$2,500.
In the area of altcoins, widespread increases are observed. A 6% increase in dogecoin (DOGE) stands out, while other tokens such as solana (SOL), XRP, toncoin (TON), cardano (ADA) and shiba inu (SHIB) present more moderate increases. However, tron (TRX) suffers a drop of approximately 1% at the beginning of the week.
Digital assets are recovering after last Friday’s sharp decline, sparked by reports of a US Department of Justice investigation into Tether, the company behind the USDT stablecoin. Tether has denied these claims, ensuring that it is not being investigated by the DOJ.
Cryptocurrencies: what the market analyzes
It is considered that any rebound in the risk market could favor the growth of cryptocurrencies. The recent correlation with risk assets and support in on-chain data provide encouraging signs for investors.
Exceeding $66,000 is considered a key point for bitcoin, as it suggests the possibility of breaking the bearish trend that has predominated since March. Staying above the 200-day moving average would increase the chances of maintaining positive momentum. According to market projections, if bitcoin and other risk assets continue their current momentum, the expected return in the next 12 months is quite encouraging.
Furthermore, the presidential race in the United States appears to be a relevant factor in the coming days. Polls indicate a close competition between Kamala Harris and Donald Trump, where a few votes could determine the winner in key states such as Michigan or Wisconsin in the November 5 election.
There are concerns about the impact that both candidates’ policies would have on the US deficit, as well as Trump’s proposal to increase tariffs, which could negatively affect the US economy. In this context, bitcoin is seen as a possible hedge against currency depreciation.
From a technical perspective, it is noted that bitcoin’s current support is at $66,000. If the threshold of US$69,000 is exceeded, a new all-time high would be reached, with US$74,000 as the first target before entering a price discovery phase. If US$69,000 is not exceeded, a return is expected first to 66,000 and then to 64,000 dollars.
Source: Ambito
I am an author and journalist who has worked in the entertainment industry for over a decade. I currently work as a news editor at a major news website, and my focus is on covering the latest trends in entertainment. I also write occasional pieces for other outlets, and have authored two books about the entertainment industry.
