Cardano

Strong

Bitcoin

Joe Biden

Bitcoin (BTC) saw a significant price jump during early U.S. trading hours on Tuesday, reaching a high of $67,800, levels not seen since July. At press time, the world’s largest cryptocurrency was trading at $67,500, marking a 3.7% increase over the past 24 hours. 
<img loading="lazy" decoding="async" class="size-full wp-image-51775 alignnone" src="https://crypto.ro/en/wp-content/uploads/2024/10/BTC_1D_graph_coinmarketcap.png" alt="BTC 1D graph coinmarketcap" width="1200" height="800" title="Bitcoin Price Surges Beyond $67,500, Supported by Political Developments and Strong Technical Levels 20" srcset="https://crypto.ro/en/wp-content/uploads/2024/10/BTC_1D_graph_coinmarketcap.png 1200w, https://crypto.ro/en/wp-content/uploads/2024/10/BTC_1D_graph_coinmarketcap-300x200.png 300w, https://crypto.ro/en/wp-content/uploads/2024/10/BTC_1D_graph_coinmarketcap-1024x683.png 1024w, https://crypto.ro/en/wp-content/uploads/2024/10/BTC_1D_graph_coinmarketcap-768x512.png 768w, https://crypto.ro/en/wp-content/uploads/2024/10/BTC_1D_graph_coinmarketcap-750x500.png 750w, https://crypto.ro/en/wp-content/uploads/2024/10/BTC_1D_graph_coinmarketcap-1140x760.png 1140w" sizes="(max-width: 1200px) 100vw, 1200px"> 
The broader crypto market also experienced gain, however, prominent cryptocurrencies like Solana (SOL) and Cardano (ADA) underperformed compared to BTC. 
Analysts are linking <a href="https://crypto.ro/en/cryptocurrencies/bitcoin">Bitcoin’s</a> recent rally to U.S. political developments. Geoff Kendrick, an analyst at Standard Chartered, pointed out that the growing momentum for former president Donald Trump’s candidacy is driving optimism in the crypto market. 
According to <a href="https://polymarket.com/event/presidential-election-winner-2024/will-kamala-harris-win-the-2024-us-presidential-election" rel="nofollow noopener" target="_blank">Polymarket</a>, Trump now holds a 57% chance of winning the 2024 U.S. presidential election. This represents the highest probability since Joe Biden withdrew from the Democratic race. Additionally, Kendrick noted that if Trump wins, there’s a 70% likelihood of a Republican majority in both the House and Senate, further fueling market confidence in a more crypto-friendly environment. 
<h2 id="bitcoin-finds-strong-support-above-200-day-sma">Bitcoin Finds Strong Support Above 200-Day SMA</h2> 
On the technical side, Bitcoin’s rise above the 200-day simple moving average (SMA) at $63,335 has strengthened its upward trajectory. This level, which Bitcoin reclaimed on October 14, serves as a critical support point. Historically, breaking above the 200-day SMA has led to substantial gains, and Bitcoin has struggled in recent attempts to sustain a rally at this level. 
<img decoding="async" src="https://s3.cointelegraph.com/uploads/2024-10/01929045-c962-7740-badd-3e71010e0ba8" alt="01929045 c962 7740 badd 3e71010e0ba8" title="Bitcoin Price Surges Beyond $67,500, Supported by Political Developments and Strong Technical Levels 21"> 
Data from IntoTheBlock shows that the 200-day SMA coincides with a demand zone between $61,770 and $63,728, where approximately 1.1 million BTC were previously bought by 2.5 million addresses. This suggests that Bitcoin is sitting on strong support, and with relatively weaker resistance ahead, the path of least resistance appears to be upward. 
<img decoding="async" src="https://s3.cointelegraph.com/uploads/2024-10/01929046-2914-72c9-bbf7-e6716bf2c501" alt="01929046 2914 72c9 bbf7 e6716bf2c501" title="Bitcoin Price Surges Beyond $67,500, Supported by Political Developments and Strong Technical Levels 22">

Bitcoin Price Surges Beyond $67,500, Supported by Political Developments and Strong Technical Levels

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