Bitcoin price reaches $14,500, the highest level since January 2018

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 $14K support

Data from Cointelegraph Markets and TradingView showed Bitcoin’s gains continuing in Thursday trading, amid market tension over the U.S. election result.

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.

BTC/USD 1-day chart. Source: TradingView

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 $14.5K as can be seen in the orderbook heatmap below.

Orderbook heatmap showing $14.5K resistance. Source: TensorCharts

“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 ever since the early days of 2018 — just after BTC/USD railled to all-time highs of $20,000 — and became the resistance level which capped Bitcoin’s 2019 rally.

By continuing to use the site, you agree to the use of cookies. more

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.