Analyst: 'Trump trade' and optimism in derivatives markets help Bitcoin rise ahead of US election

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On Tuesday morning, Bitcoin prices rose from $69,000 to firmly break through the $71,000 mark, indicating that traders' optimism about the upcoming U.S. election a week later is growing. Analysts pointed out that the improvement in technical indicators, the inflow of funds into the spot Bitcoin ETF, and broader macroeconomic factors (including speculation on Trump's victory and the seasonal strength of the fourth-quarter market) have supported the continued upward trajectory of Bitcoin. Bitfinex analysts said that the "Trump trade" narrative and favorable fourth-quarter seasonal factors have created a perfect storm for Bitcoin, and although prices may fluctuate before the election, an exciting period lies ahead. The options market also reflects an optimistic outlook for Bitcoin, with call options positioning that Bitcoin, the largest digital asset by market capitalization, may rise to over $80,000 by the end of the year.

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