Bitcoin (BTC) hit $ 14,500 for the first time since early January 2018 on Nov. 5, as the crucial support was at $ 14,000.
The BTC price preserves the support of $ 14,000
Data from Cointelegraph Markets and TradingView showed Bitcoin’s gains in trading continued on Thursday amid market tension over the US election result.
At the time of going to press, the major exchange, Bitstamp, recorded highs of $ 14,560, and BTC / USD subsequently returned to float around $ 14,500 in volatile conditions.
BTC / USD 1-day chart. Source: TradingView
The pair’s daily gains were 6.5% as the campaign turmoil produced solid gains for both Bitcoin and traditional safe-haven gold.
Meanwhile, Keith Wareing, an analyst at Cointelegraph Markets, identified a critical level of resistance that must be overcome in order to seal Bitcoin’s path higher.
“I’m waiting for Bitcoin to crack or be rejected. For me, this is the level that must be exceeded before a relatively clear run to USD 17,000, ”he summed up late on Wednesday.
However, the next major resistance now appears to be at $ 14,500, as can be seen from the order book heat map below.
Order book heat map with a resistance of $ 14,500. Source: TensorCharts
“Something I’m watching here on the Bitcoin chart in the 1-hour timeframe,” tweeted popular social media trader “The Moon” earlier today, continuing:
“If we break $ 14,500, we could see another big candle up.”
As Cointelegraph reported, analysts largely agreed that if $ 14,000 were to switch from resistance to support, Bitcoin would make significant gains.
The level had held up since the beginning of 2018 – shortly after BTC / USD rose to an all-time high of $ 20,000 – and became the resistance level that completed the 2019 Bitcoin rally.