Bitcoin surged more than 5% in the past 24 hours, closing above the critical $66,000 level for the first time since July. As of early Asian trading on Tuesday, October 15, Bitcoin was trading at around $65,980.

As trading activity resumed, sentiment across the cryptocurrency market changed from neutral to greedy. The total cryptocurrency market capitalization (TOTAL) has increased 2% in the past 24 hours. Bitcoin (BTC), the leading currency, is also up 2%. The meme currency Book of Meme (BOME) was the currency with the biggest increase in this period.

Total breakout resistance

The current total is $2.22 trillion, slightly above the $2.2 trillion resistance level for the first time since September 30. The increase in trading activity over the past 24 hours has caused this figure to soar by 2%.

Total has broken through this resistance level twice in the past month. But every time the price level was retested, it failed to hold upSupport level. As market buying activity surges (key momentum indicators show), Total is likely to turn this level into support in the short term.

One of the indicators is TotalRelative strength index ( RSI ), an index that measures oversold and overbought conditions in the cryptocurrency market. At press time, the index was 60.01 and in an upward trend, with market participants increasing buying activity.

If this trend continues, Total could climb further from the $2.2 billion resistance line to $2.32 billion.

The political factors behind the surge

Bitcoin's recent rise in price is partly due to the US political landscape. As Donald Trump's approval ratings rise in the polls, his pro-cryptocurrency stance has given hope to many in the market.

If Trump wins the 2024 election, his favorable view of Bitcoin could lead to significant changes in the broader cryptocurrency market. Meanwhile, Kamala Harris is also using cryptocurrency as part of her campaign, promising to protect investors under her proposed regulatory framework.

Both Trump and Harris are putting cryptocurrencies in the spotlight ahead of the election, and their policies could have a major impact on Bitcoin's future.

Tong Li's optimistic outlook and market sentiment

Despite expectations of a decline in the market, the market performance was very strong. Currently, 6 trillions of dollars of idle capital are pouring into the market, driving up the price.

Additionally, the market loves visibility, and as the 2024 election approaches, the clarity of candidates improved market sentiment. Even under uncertain macroeconomic conditions, Bitcoin's resilience suggests that it has itself become an asset class, just like gold.

Bitcoin's post-election rebound?

In particular, it was pointed out that whether Trump or Harris wins, the market is likely to respond positively due to the clarity of the new findings. Specifically, if Trump wins with his pro-Bitcoin stance, the price of Bitcoin could rise further. The expectations of a regulatory framework under Harris also gave investors hope.

Kamala Harris's stance on cryptocurrencies

Vice President Kamala Harris's campaign documents mentioned support for cryptocurrencies, particularly for the black male community. Harris promised to implement a regulatory framework to protect cryptocurrency investors, which could give the market more confidence. While Harris's approach is different from Trump's, both candidates' positions on cryptocurrency suggest that the industry has potential for growth.

What's next for Bitcoin?

Looking ahead, Bitcoin is about to achieve a breakthrough. The current price spike is not due to just one event, but a combination of factors over the past few years. As Bitcoin hovers near the resistance level, it is expected to break through the resistance level and eventually reach $100,000 in the first quarter of 2024.