As of October 21, 2024, Bitcoin has demonstrated bullish momentum, briefly hitting a high of $69,227 earlier today. Currently trading at $68,270, Bitcoin is down 0.2% over the past 24 hours. Analysts suggest that upcoming elections are driving this bullish sentiment, with Bitcoin nearing a critical resistance level of $70,000. Factors such as Kamala Harris's support for cryptocurrencies and Donald Trump's favorable reelection odds, currently at 60%, create an optimistic outlook. Experts indicate that bulls are aiming for a rally towards $72,000 while bears defend against declines beneath $66,500. The surge in Bitcoin's open interest to $40.57 billion reflects heightened participation in crypto derivatives markets. Market sentiments are also buoyed by an anticipated reduction in interest rates, enhancing the appeal of Bitcoin as a risk asset.

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