Bitcoin has achieved a notable milestone, climbing above $71,000 during Asian trading hours, reflecting a 5% increase over the past day. This surge not only boosted trading volume significantly but also led to the liquidation of over $143 million in short positions.

The rally appears to have been further fueled by whale activity on Binance and substantial inflows into Bitcoin ETFs, with a net increase of 47,000 BTC in the last two weeks. Traders are largely optimistic ahead of the upcoming U.S. elections, anticipating a bullish market environment regardless of the electoral outcome.

Key Highlights:

• Bitcoin's price rose above $71,000 in morning trading on Tuesday, contributing to a broader positive market trend ahead of U.S. elections.
• The price surge was associated with increased trading activities, amounting to approximately $48 billion in trade volumes—nearly double that of the prior Monday.
• Over $143 million in short positions were liquidated within just 12 hours, assisting in pushing the price upward.
• Analysts suggest that the upcoming presidential election may act as a catalyst for further market growth, with perceptions of Trump potentially benefiting the crypto market due to his supportive stance on cryptocurrency.
• In contrast, Harris has indicated regulatory measures which are not as supportive of the crypto space, but analysts believe the market might still rally regardless of the winner.

As traders speculate on even higher Bitcoin prices, recently trending options have indicated a keen interest at the $75,000 strike price.