On Tuesday, Bitcoin saw a significant price jump, reaching $67,800, linked to political factors and strong technical support.

Bitcoin Rises Amid Political Developments

Analysts connect Bitcoin's recent rally to U.S. political developments. Geoff Kendrick from Standard Chartered pointed out that growing optimism about Donald Trump's potential candidacy in the 2024 presidential election is boosting the crypto market. According to Polymarket, Trump now has a 57% chance of winning.

Technical Analysis: Support Above 200-Day SMA

On the technical side, Bitcoin's rise above the 200-day simple moving average (SMA) at $63,335 has strengthened its upward trajectory. This level acts as a crucial support point, which traditionally leads to substantial gains when surpassed.

User Data Shows Strong Support

Data from IntoTheBlock indicates that the 200-day SMA aligns with a demand zone between $61,770 and $63,728, where about 1.1 million BTC were previously purchased by 2.5 million addresses.

The strengthening above a key level and support from both political and technical factors create favorable conditions for further price increases in Bitcoin.