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Bitcoin price soared above $71,000 early Tuesday, leading a broader rally in the cryptocurrency market. This surge comes just a week before the U.S. elections, which many traders believe could act as a positive catalyst for Bitcoin, regardless of the election outcome.&nbsp; 
Over the past 24 hours, Bitcoin gained 5%, breaking through the important $70,000 resistance level with trading volumes reaching $44.66 billion, nearly double Monday’s figures. 
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 Bitcoin Price Chart | Source: <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noreferrer noopener nofollow">CoinMarketCap</a>
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This spike led to the <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noreferrer noopener nofollow">liquidation</a> of more than $176 million in short positions, meaning many traders betting against Bitcoin were forced to close their losing bets. In particular, Bitcoin shorts lost around $88.89 million, while Ethereum (ETH) shorts lost about $39.73 million. 
Analysts suggest that much of the buying interest is coming from large traders, known as whales, particularly on Binance during Asian trading hours. Additionally, Bitcoin exchange-traded funds (ETFs) have added to the demand, with a net inflow of 47,000 BTC in the last two weeks. 
Other cryptocurrencies also saw gains, with Dogecoin (DOGE) jumping 15% and Shiba Inu (SHIB) rising 8%. Ethereum climbed 4.9%, while Cardano (ADA), Solana (SOL), and BNB Chain (BNB) each increased by over 3%. 
As the November elections approach, traders are betting on Bitcoin reaching new highs, with many focusing on the $75,000 strike price for options expiring soon. Whether a Republican or Democrat wins, many believe Bitcoin’s future remains bright. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/10/24/trump-vs-harris-can-bitcoin-hit-100k-by-the-end-of-2024/" target="_blank" rel="noreferrer noopener">Trump vs. Harris: Can Bitcoin Hit $100k by the End of 2024?</a> 
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Bitcoin Price Rises Above $71,000 Ahead of U.S. Elections

The Crypto Times

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