Bitcoin has surged towards the $70,000 mark, reaching a high of approximately $69,450 early Monday morning in Asia before settling at $68,768 by mid-morning.

This upward trajectory comes as investors closely monitor the upcoming U.S. presidential election, now just two weeks away.

Analysts suggest that the election is poised to impact the cryptocurrency market significantly. Min Jung, an analyst at Presto Research, noted that the $70,000 level serves as a psychological resistance point, given its proximity to Bitcoin's all-time high of over $73,700, achieved in March 2023.

As the election approaches, the odds surrounding former President Donald Trump's potential victory appear to be influencing Bitcoin's price. Trump has voiced strong support for the crypto sector, which may resonate with investors.

According to the prediction platform Polymarket, Trump leads Vice President Kamala Harris by a margin of 21%, with a winning probability of around 60%. However, traditional polling aggregates, such as FiveThirtyEight, show Harris narrowly ahead by 1.8%.

Augustine Fan, head of insights at SOFA.org, stated that a Trump victory, coupled with a Republican sweep in Congress, could create favorable conditions for cryptocurrency regulations advocated by Trump and his allies.

In addition to the election, another significant event looms on the horizon: the U.S. Federal Open Market Committee (FOMC) meeting, which is anticipated to result in a 25-basis-point interest rate cut. CME Group's FedWatch Tool currently predicts a 94.4% likelihood of this outcome.

David Lawant, Head of Research at FalconX, remarked that crypto has become a mainstream political issue, engaging a broader audience and increasing market focus as election day approaches.