Kataryna Habeliia November 5, 2020
Bitcoin rushed to $15 000. What to Prepare for BTC Holders?
Over the past 24 hours, the cryptocurrency has risen in price by 5% and reached a new two-year maximum — $ 14.5 thousand. Analysts admitted continued growth, advising traders to be careful — price jumps are possible amid the US presidential election.
The average market bitcoin rate per day increased by 5%, having updated the two-year maximum — $ 14.5 thousand. In 24 hours, the turnover of cryptocurrency trading increased by 45% and reached $ 46 billion. The share of BTC in the market approached 65%.
Bitcoin will continue to rise in price and may reach $ 15 thousand, suggested the analyst of the NewsBTC portal Ayash Jindal. He explained that over the past 24 hours the price has broken through two important resistance levels — $ 14 thousand and $ 14.5 thousand. The Relative Strength Index (RSI) also speaks in favor of the continuation of the upward trend, the value of which has risen above 60 points.
The fall in the BTC rate will be hindered by the nearest support level of $ 14.15 thousand, Jindal added. He warned that it is possible that the price of the coin could be reduced first to $ 14 thousand, and then to $ 13.8 thousand if this level does not stand.
Confidence in the long-term growth of the cryptocurrency market was expressed by the analyst of the Amsterdam Stock Exchange Michael van do Poppe. In his Twitter account, he wrote that Bitcoin and Ethereum will rise in price regardless of the results of the US presidential election. But in the short term, cryptocurrency holders should be careful as the market remains highly uncertain.
Poppé also warned that a rising wedge pattern is forming on the bitcoin price chart. This is a pattern that, as a rule, leads to a sharp drop in the price of an asset after a short increase.
The head of the analytical firm CryptoQuant, Ki Young Ju, also urged traders to be careful. In his Twitter account, he said that high volatility is possible in the cryptocurrency market due to a cascade of liquidations. The Binance Futures derivative platform now has a record number of leveraged positions. A sharp movement in the BTC rate can lead to the forced closure of these positions by the exchange, which will provoke even stronger fluctuations.
Over the past month, Bitcoin has risen in price by 34.5%. Previously, the analytical service Santiment reported that the cryptocurrency was overbought. According to data collected by analysts for six months, the average BTC holder as of November 2 could have recorded 115% of the profit if he sold his stock.
The cryptocurrency began to rise in price against the backdrop of Joe Biden’s increasing lead in the US presidential election. According to Foxnews, Biden currently has 264 votes, while his rival Donald Trump has 214. Earlier, HodlHodl CEO Maxim Keidun suggested that if Biden wins, a downward correction of the crypto market will begin, while growth or stagnation is expected if Trump remains president.
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