Bitcoin momentarily surpassed $70,000 for the first time since June, as investors anticipate earnings and Election Day.

As investors prepared for MicroStrategy's earnings and the U.S. presidential election, the stock price briefly surpassed $70,000.

According to Coin Metrics, the price of bitcoin was last higher by about 3% at $69,925.00. Since then, it has been oscillating, touching $70,207.02 at about 6:00 p.m. Eastern on Monday.

In extended trading, stocks linked to the price of cryptocurrency remained relatively stable. During regular trading on Monday, the crypto exchange platform experienced a 5% increase, while the bitcoin proxy experienced a nearly 9% jump.

Bitcoin has tested the $70,000 level several times this year, including in June, after reaching a record of $73,797.68 in March. However, earlier forays above $70,000 were brief.

The U.S. presidential election next week is approaching, and optimism is on the rise. Bitcoin has been trading within a narrow range of $55,000 to $70,000. However, with stocks reaching new highs this month, a potential breakout for Bitcoin may be imminent. Additionally, Election Day is on November 5th, and another Federal Reserve rate policy decision is scheduled for November 7th.

This year, the Republican nominee and former president Donald Trump has been actively engaging with the crypto industry and has positioned himself as a pro-crypto candidate. In contrast, the Democratic nominee and Vice President Kamala Harris has been more reserved on crypto, and the industry is uncertain about how her potential presidency could impact crypto companies. The outcome of the election is widely viewed as a significant factor in the price of bitcoin, but investors are closely monitoring and waiting as the election nears. Last week, bitcoin reached a high of $70,000, but it ultimately fell short of the target.

On Monday, MicroStrategy, a high-beta play on the price of bitcoin, recorded its highest close since March 15, 2000.

MicroStrategy aims to prolong its current seven-week winning streak, which is its longest since the end of an 11-week streak in late October 2010.