Bitcoin has reached to a 33-month high above $14,000, showing resilience amid growing instability in the traditional markets.
At the time of writing, Bitcoin is trading up just over 4% at its current price of $13,800, according to TradingView.
Earlier this week, BTC narrowly missed breaching the June 2019 high of $13,880 and faced selling pressure as global stock markets registered sharp losses as concerns over the resurgent coronavirus spiked.
However, the downside was restricted to above $13,000 even as classic haven assets like gold fell to one-month lows near $1,860 amid the dollar strength.
If the cryptocurrency manages to establish a foothold above the June 2019 high of $13,880, the focus would shift to the daily chart resistance range at $15,800–$16,000.
Adding up all the reasons the bitcoin bull run is here
All signs point to Bitcoin breaking into a new bull market after bottoming now nearly two full years ago. A higher low set this year on Black Thursday during one of the worst selloffs the young asset has ever seen was one half of the equation in confirming a new uptrend.
The other half of the puzzle is a higher high, which Bitcoin this week came just dollars away from setting.
The cryptocurrency is now trading a few hundred dollars away and declining, however, another higher high this year post-election, or at the start of 2021 is still very likely.
Bitcoin for the first time this week since 2019 entered bull market territory on the weekly RSI – yet another signal that its clear skies again for the crypto asset once it cracks $14,000.
Read more:
- Bitcoin Could Pullback To $12,500 Before Bull Run, Here Are All The Reasons
- Bitcoin Could Rally Higher In The Weeks Ahead, Printed A Macro Buy Signal