Bitcoin hit its best in three years on Wednesday, led by Joe Biden’s prospect of victory in the current US presidential election.
The Democratic candidate won critical critical status for Wisconsin in the afternoon of the US negotiating session. His lead became crucially important after Donald Trump narrowly secured a victory in other fighting states, including Texas, Florida and Ohio.
So far, the outcome remains uncertain as other crucial states like Georgia, Michigan and Pennsylvania have continued to count the votes. The latest readings showed Biden leading Trump 248-211. They need at least 270 electoral votes to win the presidency of the United States.
Biden, bullish, Bitcoin
Meanwhile, Bitcoin traders continued to treat a leader Biden as their signal to stay bullish on the cryptocurrency. BTC / USD, throughout the vote counting period, tracked the Democrat’s performance. An advantage for Trump has slowed his uptrend, and vice versa.
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After Biden won Wisconsin, Bitcoin swung sharply to $ 14,273. However, the cryptocurrency quickly retreated its price, only to find near-term support near the $ 14,000 level.
Analysts agreed that a concise victory for Biden was bullish for Bitcoin. The candidate promised his constituents he would increase government spending needed to help Americans overcome the economic legacy of the coronavirus.
This hopes to put further downward pressure on the US dollar, which in turn increases the prospects for higher Bitcoin bids.
But independent market analyst Michaël van de Poppe warned. He acknowledged that the uncertainties surrounding the outcome of the current election would make it difficult for Bitcoin to support a rally above $ 14,000.
Whatever the outcome of the #Presidential election, I am very optimistic #BTC and #ETH long term.
In the short term, I still don’t see a very strong circuit breaker above $ 14,000.
Still remaining relatively cautious in the markets with all the uncertainties that arise.$ BTC
– Crypto Michaël (@CryptoMichNL) November 4, 2020
“Whatever the outcome of the Presidential elections“He added:” I am very optimistic about BTCYes ETH long-term.”
Bitcoin was trading at $ 14,051 at the time of writing.