The post Why Bitcoin Price is Increasing Today? appeared first on Coinpedia Fintech News
Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization is gaining significant attention from the crypto community following its impressive price surge over the past 24 hours. With a surge of over 6%, BTC reclaimed the $66,000 level for the second time since July 2024.
Reason Why Bitcoin Price is Increasing
The potential reason for this massive upside momentum is the upcoming presidential election in the United States. According to the data shared by trading firm QCP Capital, Bitcoin’s current price action is similar to those noticed before the U.S. election in 2016 and 2020. During that period, BTC experienced a significant upside rally.
QCP Traders Comments
QCP Traders said, “If we look back to 2016, BTC traded in a very tight range for over 3 months. It wasn’t until three weeks before U.S. Election day that BTC began its rally from $600 and finally doubl
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