Bitcoin briefly exceeds $70,000 for the first time since June

Bitcoin briefly climbed above $70,000 as investors prepared for MicroStrategy's earnings and counted down the days to the US presidential election.

According to Coin Metrics, Bitcoin price was last up around 3% to $69,925.00. Around 6:00 p.m. Eastern Time on Monday, the price reached $70,207.02 and has been fluctuating ever since.

Stocks tied to the cryptocurrency's price were little changed in extended trading. In regular trading on Monday, crypto exchange platform Coinbase rose 5% and Bitcoin Proxy Microstrategy rose by almost 9%.

The last time Bitcoin reached $70,000 was in June. This level has been tested several times this year after hitting a record high of $73,797.68 in March. Previous pushes above $70,000 were just outliers.

Optimism is growing ahead of next week's US presidential election. Bitcoin is limited to a narrow range between $55,000 and $70,000. However, there could be a breakout as stocks hit new highs this month, Election Day on November 5th and another interest rate decision from the Federal Reserve on November 7th.

Republican candidate and former President Donald Trump has courted the crypto industry this year, presenting himself as a pro-crypto candidate. Democratic candidate and Vice President Kamala Harris has been more cautious about cryptocurrencies, and the industry is divided over how her potential presidency could impact cryptocurrency companies. The outcome is widely seen as a major catalyst for Bitcoin price, but investors will have to watch and wait as the election approaches. Last week, the Bitcoin price rose towards $70,000, but ultimately remained below this threshold.

Elsewhere, investors await earnings from Coinbase and MicroStrategy, both scheduled for Wednesday. On Monday, MicroStrategy, which trades as a high-beta currency to the price of Bitcoin, posted its highest close since March 15, 2000.

MicroStrategy is looking to extend its seven-week winning streak, its longest rally since an 11-week winning streak that ended in late October 2010.