Bitcoin (BTC) Approaching $70,000! Will the Rise Continue? Analyst Evaluates!

Bitcoin, which has been continuing its horizontal movements at the $ 60,000 level for a long time, has reached the $ 70,000 mark again while continuing the upward trend it has started for a week.

At this point, Bitcoin rose by 2.7% in the last 24 hours and 9.7% in the last 7 days, reaching over $68,000.

Recalling that there has recently been a correlation between Donald Trump’s chances of winning the US presidential elections and the Bitcoin uptrend, analysts state that the recent rise in Bitcoin is linked to the increase in Trump’s chances of winning the elections.

At this point, on the popular prediction platform Polymarket, the probability of Donald Trump winning is priced at 59.7% and the probability of Kamala Harris winning is priced at 40.2%.

Analysts also stated that the decrease in selling pressure was also effective in the rise in Bitcoin, while BRN analyst Valentin Fournier told The Block that short positions continue to increase, and as a result, the rise for liquidation may continue.

“The volatility over the last 24 hours has triggered short-term liquidations for Bitcoin.

Over $1 billion worth of short positions are clustered just below $68,500.

Any upward momentum in Bitcoin could trigger further short liquidation, potentially leading to a decisive breakout from the current range.”

The rise in Bitcoin and altcoins left investors who were expecting a decline in the wrong place, and there was an increase in liquidations in the last 24 hours.

According to Coinglass data, total liquidations on centralized exchanges reached almost $300 million, with $155 million in long positions and $128 million in short positions liquidated.

Bitcoin ranked first with approximately $88 million in liquidation positions in the last 24 hours, followed by Ethereum (ETH) with $65 million and Solana (SOL) with $12 million.

While 79,410 traders liquidated in the last 24 hours, the largest liquidation occurred in the ETH/USDT pair on OKX.

*This is not investment advice.

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