Bitcoin (BTC) hit $ 14,500 for the first time since early January 2018 on November 5 when critical support was held at $ 14,000.
BTC price maintained the $ 14,000 support
Data from Cointelegraph Markets and TradingView show that Bitcoin’s gain continued in Thursday trading, amid market tension over US election results.
At press time, a high of $ 14,560 has appeared on major exchange Bitstamp, with BTC / USD then back to fluctuate around $ 14,500 amid volatile conditions.
The pair̵7;s daily gains stood at 6.5% as the chaotic election made solid gains for both Bitcoin and the traditional safe-haven gold.
Meanwhile, Cointelegraph Markets analyst Keith Wareing has identified a key resistance level that needs to be overcome to block Bitcoin’s path higher.
“Wait for Bitcoin to break $ 14,400 or be rejected. For me, this is a must-get through before a relatively obvious rise to $ 17K, ”he summed up late on Wednesday.
The next major resistance level, however, is currently at $ 14,500, as can be seen in the order book heat map below.
“I’m looking at something here in the 1 hour timeframe on the Bitcoin chart,” the popular social media trader “The Moon” tweeted earlier today, continuing:
“If we break out of $ 14,500, then we could see another big candle go up.”
As Cointelegraph reported, analysts have broadly agreed that Bitcoin will match a significant gain if $ 14,000 turns from resistance to support.
This level has been held since the early days of 2018 – shortly after BTC / USD rose to an all-time high of $ 20,000 – and became Bitcoin’s 2019 rally limit resistance level.