Bitcoin, 'Up and Down' Riding US Presidential Election Fever

BTC, Increased Buying Pressure and Short Betting Liquidation Propel it to Break 70K After consolidating around 69K in the morning on the 6th, BTC has been making multiple attempts to break through 70K Experts say "The BTC rally, the formation of the 70K support level is crucial" The price of Bitcoin (BTC) is experiencing significant volatility in line with the ongoing heat of the US presidential election on the 6th. At 11:50 PM on the 5th, Bitcoin recorded a rise of around 1.8% and broke through $70,000, but then faced significant volatility and consolidated around $69,000 on the morning of the 6th. The main driver of Bitcoin's price volatility is undoubtedly the US presidential election. The stark contrast in the candidates' stances on Bitcoin is interpreted as the election result greatly impacting Bitcoin's fate. According to data from the on-chain analysis platform CoinTelegraph Market Pro and TradingView, large buy-side pressure started flowing in from late afternoon on the 5th, leading to the liquidation of short betting positions in the futures market on the 6th. Experts largely believe that Bitcoin will rise after the presidential election. Famous trader Mustache said, "Bitcoin may have already formed a bottom" and "If Bitcoin bottomed out just before the US presidential election, think about what will happen next." He also emphasized, "The current chart is very similar to 2020, and we are expecting an uptrend in the second half of the year." Famous trader Trader Anderson said, "Based on the movements in the Bitcoin options market over the past few weeks and the developments in the US presidential election, I expect a Bitcoin rally to $80,000 before the end of the year." Experts analyze that defending the $70,000 level for Bitcoin will be a crucial point. Famous analyst Titan of Crypto said, "If Bitcoin breaks through $70,200, a bullish momentum will begin" and "The key is to lift the current $69,000 support level to a higher level." As of 9:20 AM on the 6th, Bitcoin is recording $70,200 based on CoinMarketCap.