Bitcoin (BTC) jumped above the $14,500 mark, the highest level since January 2018. The cryptocurrency is now at a 33 month high with a yearly gain of 101%. Data from TradingView suggests that the largest cryptocurrency by market capitalization is at a roll amid the market tensions over the 2020 U.S. presidential election.
Breaking the Resistance Level Could Spike BTC Prices
As of the publication time, Bitcoin spiked to a $14,560 gain on cryptocurrency exchanges such as Bitstamp while returning to $14,500. A daily gain of 6.5% was seen amid the election pressures while a 38% gain was seen within this month alone.
Crypto analyst from Cointelegraph Markets pointed out that a critical resistance level can trigger the cryptocurrency prices even at a higher level:
“Waiting for Bitcoin to break $14,400 or get rejected. For me, this is the level to get passed before a relatively clear run to $17K.”
Waiting for #bitcoin to break $14,400 or get rejected.
For me this is the level to get passed before a relatively clear run to $17k
— Keith Wareing 🙀📈 (@officiallykeith) November 4, 2020
While crypto influencer, The Moon pointed out that the next resistance appears to be at $14,500:
“Something I’m watching here on the 1-hour timeframe on the Bitcoin chart. If we break $14,500, then we could see another huge candle to the upside.”
— The Moon 🌙 (@TheMoonCarl) November 5, 2020
Towards a Massive Rally
Numerous crypto analysts are of the view that Bitcoin (BTC) is expected towards a massive rally in the coming times if it can flip its $14,000 from resistance point to support.
Bitcoin, with a fixed supply of 21 million bitcoin tokens, has also found support from institutional and corporate players as a hedge against inflation due to unprecedented government spending and stimulus measures designed to offset the economic damage wrought by the coronavirus pandemic.
On Oct. 31 on the day of Halloween, Bitcoin broke the $14,000 level for the first time in two years and it’s the 12th anniversary of Bitcoin. Bitcoin crossing today the $14,500 mark reveals the early January of 2018, just after it rallied to its all-time highs of $20,000.