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Bitcoin (BTC) price extends gains to print highest levels since January 2018

Practice Stock Trading
Updated: 05 November 2020

Bitcoin (BTC) price broke above the near-term resistance line at $14,200 supported by a probable Joe Biden win and a weaker dollar.

The U.S. dollar has found itself under immense selling pressure today as financial markets start to price in probable Joe Biden win in the U.S. presidential elections. This is likely to lead towards a fresh relief package that will push the greenback lower and be supportive of equities, gold and other currencies.

“We may not know what a post-election stimulus may look like, but investors continue to believe that the U.S. Federal Reserve will keep printing money at a pace that favors bitcoin’s finite supply,” John Kramer, a trader at GSR, told Forbes.

On other hand, Paolo Ardoino, CTO at crypto exchange Bitfinex told Forbes that Bitcoin is designed to survive the uncertain times.

“Regardless of the result of the election, it could be said that we are witnessing a growing recognition of bitcoin’s unique qualities as we adjust to just the sort of challenging times that the world’s biggest cryptocurrency was invented for.”

Bitcoin (BTC) breaks out November 2020

Bitcoin (BTC) price broke above the $14,200 resistance line to move higher in an accelerated manager. Today’s level of $14,965 a new 34-month high for the world’s largest digital asset. The buyers are likely to continue pushing towards the next resistance area above the $16,000 mark.

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