The Bitcoin price is on a tear, coupled with superb fundamentals in the last few weeks and the confusion around the United States presidential election, bulls have successfully pushed prices above $15,750.
This is a new milestone. A new 2020 high and perhaps a testament from bulls that Bitcoin, like popular safe-havens, can withstand the headwinds and be an agent for safely safeguarding value.
Analysts are pinning the uptick in Bitcoin prices on the recent flux in the United States political scene. Data streams show that Joe Biden is on the lead and may as well be the next president.
However, President Donald Trump appears to be refuting results and has indicated his intention of going to the supreme courts claiming the elections have been mired by fraud. The problem seems to be on in-mail voting and how it is being delayed and relayed.
The investment community strives whenever there is certainty. And presently, the confusion and the clear lack of direction means the suffrage find themselves in a position they wouldn’t otherwise want to find themselves in. Already, there are some areas in the United States refuting the results and demonstrating.
Meanwhile, safe-havens and Bitcoin continue to rip higher. According to data from GlassNode, over 97 percent of Bitcoin addresses are in the green.
The spike, clearly, has changed the fortunes of holders and traders who capitalized on the expansion and entry from institutional investors.
Combined with the rea-adjustment of mining difficulty early this week and the rising prices, most miners are holders, supporting BTC buyers.
On Nov 3, the Bitcoin mining difficulty was decreased by 16 percent, the second largest drop in history following a sharp decrease in hash rate.
Explaining this drop were Bitcoin miner migration from the Sichuan province of China.
Bitcoin Price Analysis
At the time of writing, the Bitcoin price is changing hands above $15,750. Up 16 percent against the greenback, buyers are in control.
Accompanying the spike in BTC prices are rising trading volumes, up 48 percent in the last 24 hours.
From the daily chart, the path of least resistance has been set and bulls are in control.
Candlesticks are gravitating towards the upper BB hinting of strong underlying momentum sparked by increasing trading volumes as aforementioned.
Noteworthy in the midst of this rally is the breakout above $13,800 or June 2019 highs.
With the Bitcoin price trending at over $15,000 and the breakout volumes above average, it is likely that the Bitcoin price would continue ripping higher as bulls aim at $20,000, a retest of late 2017 highs.
Chart courtesy of Trading View
Disclaimer: Views and opinions expressed are those of the author. This is not investment advice. Do your research.
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