Bitcoin (BTC-USD) Regains Ground This Week, and Is Expected to See a 15.9% Jump on a Weekly Basis

The cryptocurrency climbed strongly on Monday, following the assassination attempt on former President Donald Trump on Saturday. With the shooting, the odds of him winning the U.S. presidential election in November surged.

Bitcoin (BTC-USD) price rose this week, and is now set to see a 15.9% jump on a weekly basis, as it touched the $66K mark.

BTC began the week trading at around $57,770.94 on Friday. It then quickly rose to hit the $66,830.84 mark on Monday. The world's oldest cryptocurrency went as high as $65,406.08 on Tuesday, before falling below the $65K mark on Wednesday.

BTC fell further to go below $64K on Thursday, a day on which Nasdaq and S&P 500 also witnessed an extended sell-off, as investors rotated out of technology stocks.

Nasdaq, S&P 500 extend sell-off as investors rotate out of tech stocks

The sell-off also came as new data showed that Biden's popularity is decreasing, with him now losing the support of senior Democrats amid concerns over his ability to win the presidential election in November.

However, BTC price could benefit from Trump's rising chances of winning the election, as the former president believes the top cryptocurrency and other cryptos should be made in the U.S.

"If we don't do it, China is going to figure it out - or somebody else."

"We think BTC could hover around the MA120 which is around 65k in the short term, the price may have the momentum to go up to 68k or even 70k, but we need to continue to monitor closely the Fed policies and implications of Mt Gox," Hu added.

Bitcoin, Ether prices

Bitcoin (BTC-USD) rose 5.1% to $66.8K at 3:09 pm on Friday, on a day when users across the world faced a major Microsoft (MSFT) outage, which hit backend operations at multiple industry sectors. Ether (ETH-USD) increased ~2.9% to $3.5K.

"Bitcoin's correction has frustrated bulls for four months, but as long as it holds above $50,600, new all-time highs are expected," SA analyst Ryan Wilday said.

"Bitcoin has shown a surprising reversal, potentially heading towards $88K, but caution is advised until a confirmed setup is in place," Wilday added.