Bitcoin’s path to $70,000 hinges on lower interest rates, the US election outcome, boosted BTC miner profits, and strong spot ETF demand.
Bitcoin (BTC) rose 3.8% between Oct. 23 and Oct. 25, only to face resistance at $68,700, but is there enough bullish momentum to push the price in the $70,000 range? Although the Federal Reserve’s recent rate cuts have increased investors’ risk appetite, pushing Bitcoin past the $70,000 threshold likely hinges on four main drivers.
Bitcoin/USD. Source: TradingView
Limiting factors include global economic uncertainty, concerns over high mining sell pressure and low hashrate profitability, a potential influence of United States election outcomes on regulation, and large Bitcoin reserves on exchanges.
