Bitcoin could Claim $16,000 after Overcoming Crucial Resistance Level
Bitcoin is exchanging hands below $14,000 over the past week, but it has maintained its position over $13k with the aid of Bitcoin bulls, which is a bullish scenario for the world’s leading digital asset.
The US 2020 election, which is currently ongoing, can result in a great volatility among the cryptocurrency markets. It is still unknown whether primary cryptocurrency would witness breakout in an upward direction or in a downward direction. The level standing at $13,800 is a very crucial level as it has rejected price value many times over the last few days, and currently, buyers are struggling to overturn $13,800.
According to a market expert, the top digital asset would easily claim $16,000, if it becomes successful in exceeding the crucial resistance level. He also posed another scene for the public as Bitcoin could go as low as $11,900.
One prominent trader dubbed as “Wolf” says the most important crucial level for Bitcoin is standing at $13,770. After rejecting $13,770, the bulls can drag the primary cryptocurrency towards $16,213.
Addition of $500 in Today’s Session
On Monday, the price went as low as $13,200 after losing a significant value. But in today’s trading session, Bitcoin has jumped above $13,700 after addition of $500. It has even outshined major altcoins, including Ethereum in the daily timeframe.
The US election could disrupt traditional as well as cryptocurrency markets irrespective of elections results. The policies of the new US president will definitely impact the future price value of cryptocurrencies including Bitcoin. The public surveys and polls before the election reveal a clear victory of Joe Biden over Donald Trump.
The holders of Bitcoin are not willing to send BTC over cryptocurrency exchanges as the mean inflow indicator of spot exchanges has gone below 0.2. It shows that large investors of Bitcoin are not ready to sell Bitcoin over crypto exchanges.
At press time, the top cryptocurrency is exchanging hands at $13, 731 after an increase of 1.64% over a timeframe of 24-hours. Besides its stable position between $13,500 and $14,000, it is a very critical week for Bitcoin due to the US elections and increasing numbers of COVID-19 cases.
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