A lively day of trading amid U.S. election uncertainty sees Bitcoin add to its gains, which took it above the pivotal $14,000 resistance.
Bitcoin (BTC) hit $14,500 for the first time since early January 2018 on Nov. 5 as crucial support held at $14,000.
BTC price preserves $14,000 support
At press time, highs of $14,560 had appeared on major exchange Bitstamp, with BTC/USD subsequently returning to fluctuate around $14,500 amid volatile conditions.
Daily gains for the pair stood at 6.5% as election turmoil produced solid gains for both Bitcoin and traditional safe-haven gold.
Meanwhile, Cointelegraph Markets analyst Keith Wareing identified a critical resistance level to overcome in order to seal Bitcoin’s path higher.
“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,” he summarized late Wednesday.
However, the next major resistance now appears to be at $14,500, as can be seen in the orderbook heatmap below.
“Something I’m watching here on the 1-hour timeframe on the Bitcoin chart,” popular social media trader “The Moon” tweeted earlier today, continuing:
“If we break $14,500, then we could see another huge candle to the upside.”
As Cointelegraph reported, analysts widely agreed that Bitcoin would be in line for significant gains should $14,000 flip from resistance to support.
The level had held since the early days of 2018 — just after BTC/USD railled to all-time highs of $20,000 — and became the resistance level that capped Bitcoin’s 2019 rally.