As of Tuesday, Bitcoin (BTC) is trading around $72,200, poised to set a new all-time high by the end of October.
With this rally, Bitcoin reinforces its track record as October’s best-performing asset in recent years. Additionally, the leading cryptocurrency’s price seems to align with rising Polymarket odds for Donald Trump in the U.S. election, a factor boosting investor optimism.
New High on the Horizon for Bitcoin?
Bitcoin recently broke through a major seven-month resistance level of $73,700, surpassing $1.45 trillion in market capitalization. This upward momentum highlights strong buyer interest, confirmed by CryptoQuant data showing that BTC reserves on exchanges have dropped to all-time lows. This indicates heightened buying pressure and limited sell-offs.
Meanwhile, Bitcoin exchange-traded funds (ETFs) have also seen significant inflows. Since October 11, net inflows into BTC ETFs reached $3.9 billion, with only one day of outflows during this period, according to Coinglass data. This steady demand strengthens Bitcoin’s upward trajectory, potentially setting a new record in the coming days.
October: Bitcoin’s Best Month?
If BTC hits an all-time high, it would reinforce October’s reputation as a positive month for Bitcoin. Since 2019, October has consistently yielded positive returns, further elevating investor sentiment around BTC this season.
Bitcoin’s rally appears to parallel rising Polymarket odds for Republican candidate Donald Trump, currently leading at 66.9% against Kamala Harris. Trump’s pro-crypto stance has attracted crypto investors who anticipate that a favorable election outcome could boost Bitcoin and the broader crypto market.
BTC Price Levels to Watch
Bitcoin faced minor resistance at the $73,777 level but may soon retest it, with buyer demand potentially outweighing seller pressure to achieve a new peak. However, if BTC experiences a pullback, support near the $66,400 level may provide a price cushion.
In the weeks ahead, investor confidence remains high as Bitcoin inches closer to a record high, driven by both technical and political factors in the U.S.
