FxNews—Bitcoin (BTC) climbed past the $65,000 mark during Monday morning trading in the U.S., coinciding with the S&P 500 index hitting new highs.
According to recent data, Bitcoin has increased by 4% in the last 24 hours. The S&P 500 index increased slightly by 14.8 points, or 0.25%, to 5,829.81, setting the stage for a week filled with significant corporate and economic announcements.
Bitcoin’s Jump to $65K Fueled by China Stimulus Hopes
Bitcoin experienced a notable jump from $62,000 to $65,000 since the early hours of Monday, liquidating over $80 million in leveraged positions against BTC and Ethereum (ETH).
This upward movement is partly attributed to renewed anticipation of economic stimulus measures in China, which could boost higher-risk assets like cryptocurrencies.
Bitcoin Mirrors Past Election Rallies
Trading analysts at QCP Capital note similarities between Bitcoin’s current trends and behavior during the 2016 and 2020 U.S. elections. For instance, in 2016, Bitcoin remained stable for three months but started to rally three weeks before the election, eventually doubling in price by early January.
A similar pattern occurred in 2020, with Bitcoin breaking out of a stagnant phase and soaring from $11,000 to $42,000 around the election period. Since 2013, October has typically ended with strong gains, boasting an average increase of 22% and occasionally reaching up to 60%.