Bitcoin surges above $68,000 on Biden news, Dogecoin up 8%

Bitcoin (BTC) seemed to start the new week on a sour note yesterday. The price of Bitcoin fell sharply in the evening after US President Joe Biden announced that he was withdrawing from the election race. Bitcoin quickly rebounded and ended its strong week on a high note. Bitcoin surged to a new high above $68,000, its highest price in more than five weeks. It gave the rest of the market a big boost.

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BTC Price Volatile After Biden Withdrawal

Bitcoin had a quiet weekend yesterday, quite unexpectedly. However, the price of Bitcoin has slowly but surely found its way higher. It started the day a few hundred dollars below $67,000, but by early evening the price was well above that level.

Just before 8 p.m., the big news broke that Biden had done it. Established To stop participating in the US presidential election scheduled for next November. In response, the price of Bitcoin immediately fell by more than 2%: from around $ 67,500 to a low of $ 65,900.

Cryptocurrency-friendly presidential candidate Donald Trump was in good standing with Biden. His announcement increased uncertainty within the crypto community about the Republicans’ chances, causing Bitcoin’s price to drop. However, after Biden expressed his support for Vice President Kamala Harris as the new Democratic presidential candidate, Bitcoin’s price surged.

Within a few hours, Bitcoin surged above $68,000. A peak of around $68,400 was set overnight. This represents the highest price since June 13. After moving sideways for several hours around $68,000, Bitcoin is now back below this price level.

In the event of a potential price decline, $65,000 acts as an important support level. On the way up, the area around $71,500 represents a crucial resistance level that has been causing problems for Bitcoin’s price for several months.

At the time of writing, the price of BTC on the SATOS-backed cryptocurrency exchange Bybit is $67,608. On the Dutch cryptocurrency exchange Bitvavo, the price of BTC in euros is 62,080. Compared to 24 hours ago, Bitcoin is up 0.87%.

Solana and Dogecoin Steal the Spotlight

The rise in Bitcoin prices has given the rest of the market a clear boost. Among the top 10 cryptocurrencies, Solana (SOL) and Dogecoin (DOGE) stand above the rest. Solana is up 3.88% in the past 24 hours, while dogecoin is one of the top 100 performing cryptocurrencies with a gain of 7.56%.

Interestingly, the other altcoins in the top 10 are all in the negative, for example, Ethereum (ETH) is down 0.32%, Ripple (XRP) is down 1.37%, and Cardano (ADA) is down 0.37%.

Avalanche (AVAX), ranked 11th in the crypto market, is the fastest rising of the top 100 with gains of over 11%.

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