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Bitcoin (BTC) reached a price of $ 14,500 today for the first time since January 2018 – support at $ 14,000 maintained.
Bitcoin defends the support at $ 14,000
Data from Cointelegraph Markets and TradingView show that the price of Bitcoin has continued to rise since Monday, partly thanks to the uncertainty surrounding the US presidential election.
It also peaked at $ 14,560 on the Bitstamp exchange. The price of the BTC / USD pair has therefore dropped slightly and is currently hovering around $ 14,500.
In the past 24 hours, the price of Bitcoin has risen by about 6.5%; The electoral turmoil has produced solid gains for both cryptocurrencies and more traditional safe haven assets like gold.
Keith Wareing, Cointelegraph Markets analyst, identified $ 14,400 as the critical resistance Bitcoin would have to overcome to reach $ 17,000:
“The last hurdle to overcome is in the $ 14,400 zone and a break above this 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.
In Twitter, the merchant The moon commented on the future developments of Bitcoin:
“If we break above $ 14,500, we could see another giant candle to the upside.”
In late October, well-known statistician Willy Woo noted that the network value for Bitcoin (NVT) transactions has never been higher:
“While we wait 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 NVT by long-term investors is already at a high level. historical.
The price will follow that parameter. “
Meanwhile, an increasing number of large institutional investors are approaching Bitcoin. Recently, Jeffrey Gundlach, CEO of DoubleLine, recommends investing in gold and BTC to protect your assets from dollar inflation.
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