On 4 November 17:00 UTC, bitcoin crossed resistance at $14,100. Bitcoin has ranged between $13,545 and $14,223 in the last 24 hours, marking a new high for the year.
BTC was expected to face severe volatility since the US Presidential elections began, however, its price has been stable and is testing the new resistance at $14,000.
During the last two hours, BTC has spent more time above $14,000 than it has in the last two years, as one trader noted on Twitter.
In the last few weeks, BTC prices have rallied from the $10,600 range to a more recent $ 13,800. But bitcoin is still continuing its upward momentum. Moreover, some traders and investors speculate that if BTC breaks its earlier resistance of $13,500 plus range it could be heading to an entirely new target of $15,000. In fact, Co-founder and CEO of Gemini cryptocurrency exchange, Tyler Winklevoss said in a tweet:
#Bitcoin has already doubled this year. It closed 2019 at 7k, now it’s on its way to 15k and we’re just getting started
— Tyler Winklevoss (@tyler) November 4, 2020