Bitcoin defends support at $14,000: Uncertainty over the U.S. elections has raised the price to $14,500.
Today Bitcoin (BTC) reached a price of $14,500 for the first time since January 2018: support at $14,000 held up.
Bitcoin defends support at $14,000
Cointelegraph Markets and TradingView data show that Bitcoin’s value has been rising since Monday, partly due to the uncertainty Cryptosoft scam surrounding the US presidential election.
The Bitstamp exchange has even peaked at $14,560. The price of the BTC/USD pair then fell slightly, and currently fluctuates around $14,500.
BTC/USD, daily chart
BTC/USD, daily chart. Source: TradingView
In the last 24 hours, the price of Bitcoin has increased by about 6.5%: the electoral turbulence has produced solid gains for both cryptocurrency and more traditional shelter goods such as gold.
Keith Wareing, analyst at Cointelegraph Markets, had identified at $14,400 the critical resistance that Bitcoin would need to overcome to reach $17,000:
„The last hurdle to overcome is in the $14,400 zone, and a breakout beyond this level would confirm that we will soon reach $17,000.
However, as can be seen in the chart below, there seems to be strong resistance at $14,500.
Heatmap of the orderbook shows resistance at $14,500
Heatmap of the orderbook shows resistance at $14,500. Source: TensorCharts
On Twitter, trader The Moon commented on Bitcoin’s future developments:
„If we go over $14,500, we could see another giant candle upwards.“
In late October, renowned statistician Willy Woo pointed out that Bitcoin’s Network Value to Transactions (NVT) parameter has never been so high:
„While we are waiting for BTC to reach a new high, both monthly at $14,000 and historic at $20,000, […] I want to point out that the organic valuation according to the NVT by long-term investors is already at an historic high.
The price will follow this parameter“.
Meanwhile, a growing number of large institutional investors are approaching Bitcoin. Recently Jeffrey Gundlach, CEO of DoubleLine, recommended investing in gold and BTC to protect their assets from dollar inflation.