Bitcoin (BTC) hit a price of $ 14,500 today for the first time since January 2018 – the support was at $ 14,000.
Bitcoin defends support at $ 14,000
Data from Cointelegraph Markets and TradingView show that the price of Bitcoin has continued to rise since Monday, also due to the uncertainty surrounding the US presidential election.
It even hit a high of $ 14,560 on the Bitstamp exchange. The price of the BTC / USD pair then fell slightly and is currently hovering around $ 14,500.
In the past 24 hours, the price of Bitcoin has increased by around 6.5%. The turmoil in the elections has resulted in solid gains for both cryptocurrencies and more traditional safe havens like gold.
Keith Wareing, Analyst at Cointelegraph Markets, identified $ 14,400 as the critical resistance Bitcoin would have to overcome to reach $ 17,000::
“The final hurdle to overcome is in the $ 14,400 zone. A break above that level would confirm that we will hit $ 17,000 very soon.”
However, as can be seen from the chart below, there appears to be strong resistance at $ 14,500.
The dealer on Twitter The moon commented on future developments of Bitcoin:
“If we break over $ 14,500, we could see another huge candle looking up.”
At the end of October, the well-known statistician Willy Woo It was found that the network value for Bitcoin transactions (NVT) was never higher::
“As we wait for BTC to hit new highs, both monthly at $ 14,000 and historically at $ 20,000, […] I would like to point out that the organic valuation according to NVT by long-term investors is already at a high level. historical.
The price follows this parameter. “
Meanwhile, More and more large institutional investors are approaching Bitcoin. Recently, Jeffrey Gundlach, CEO of Double lineRecommended to invest in gold and BTC to protect your assets from dollar inflation.