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Bitcoin briefly climbed above $70,000 as investors braced themselves for MicroStrategy earnings and counted the days to the US presidential election according to a detailed report by CNBC.

The CNBC report further explained that, the price of bitcoin was last higher by about 3 per cent at $69,925.00, according to Coin Metrics.

Further, at about 6:00 p.m. Eastern on October 28, it touched $70,207.02 and has been oscillating since.

Stocks tied to the price of the cryptocurrency were little changed in extended trading. In regular trading on October 28, crypto exchange platform Coinbase rallied by 5 per cent and bitcoin proxy MicroStrategy soared by nearly 9 per cent.

The last time bitcoin touched $70,000 was in June of this year.

It has tested that level several times this year, after hitting a record of $73,797.68 in March. Earlier forays above $70,000 have been limited to mere blips.

Optimism is building towards the US elections

Optimism is building ahead of the US presidential election next week.

Bitcoin has been confined to a tight range between $55,000 and $70,000.

Still, it may be poised for a breakout with stocks hitting new highs this month.

As there are major events to follow in the first week of November, election day on November 5 and another Federal Reserve rate policy decision on November 7.

Donald Trump has presented himself as pro-crypto

Republican nominee and former president Donald Trump has been courting the crypto industry this year and presented himself as the pro-crypto candidate.

Whereas democratic nominee and Vice President Kamala Harris have been more muted on crypto, and the industry is split on how her potential presidency could affect crypto companies.

The outcome is widely viewed as a key catalyst for future price action in the bitcoin, but investors have watching and waiting as the election approaches.

Last week, bitcoin surged toward $70,000, but it ultimately fell short of the threshold.

Investors are also watching for earnings from Coinbase and MicroStrategy, both slated for October 30. On October 28, MicroStrategy, which trades as a high-beta play on the price of bitcoin, registered its highest close since March 15, 2000.

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

Market participants and investors are going to closely watch these developments in bitcoin and take informed investment decisions based on the outcome of the US elections.