Bitcoin surges past $70,000, its highest level since June

Bitcoin’s price has hit a new high, breaking past the $70,000 barrier in a burst of volatile trading. As of this writing, Bitcoin sits at around $71,205, up 2.5%, according to Coin Metrics. Despite this spike, it remains just shy of its record high of $73,835 set on March 1, 2024.

The latest surge arrives as investors await earnings from MicroStrategy and the U.S. presidential election looms closer. Stocks tied to Bitcoin responded quickly, with Coinbase and MicroStrategy seeing premarket gains of 3% and 5%, respectively.

This isn’t Bitcoin’s first touch above $70,000 this year. It reached a high of $73,797.68 back in March, only to drop soon after. Since then, Bitcoin has bounced close to this level multiple times, with each attempt proving short-lived.

Credit: CNBC

Anticipation is growing as the U.S. election approaches, bringing optimism that could give Bitcoin a further boost. Currently, Bitcoin has been hovering within a range of $55,000 to $70,000, fueled by renewed interest in Bitcoin ETFs, a bullish stock market, and broader risk sentiment. Another key factor is the Federal Reserve’s upcoming rate policy decision on Nov. 7, which could influence further movement in the crypto market, CNBC reported.

Investors are also watching closely for Wednesday’s earnings from Coinbase and MicroStrategy. MicroStrategy, known for its high-beta swings with Bitcoin’s price, hit its highest close since March 2000 just this past Monday. With a seven-week winning streak underway, it’s looking to extend this run — its longest streak since a rally back in 2010.

Bitcoin’s price is up 5% over the past week and is on track to close October with a 12% gain, marking its strongest month since May.