Bitcoin (BTC) hit $ 14,500 for the first time since early January 2018 on November 5, with vital support at $ 14,000.
Bitcoin price maintains a subsidy of $ 14,000
Data from Cointelegraph and Tradingview Markets showed continued gains in Bitcoin in trading on Thursday, amid market tension over the outcome of the US election.
At the time of writing, their highs were seen at $ 14560 on Bitstamp's main exchange, with Bitcoin's dollar pair later returning to fluctuate around $ 14,500 amid volatile conditions.
Bitcoin against the dollar over a day chart. Source: Trading View
The pair's daily gains are 6.5% as the electoral turmoil has produced strong gains for both Bitcoin and gold as a traditional safe-haven.
Meanwhile, Cointelegraph Market Analyst Keith Waring identified a critical resistance level to overcome in order to close Bitcoin's path further.
"Waiting for Bitcoin to break $ 14,400 or reject it. For me, this is the level that needs to be crossed before the price reaches $ 17,000 relatively clearly."
However, the next major resistance now appears to be at $ 14,500, as can be seen in the heat map in the order book below.
An orderbook heat map showing $ 14,500 resistance. Source: TensorCharts
As popular social media trader "The Moon" tweeted earlier today, "There is something I see here on the one-hour timeframe on the Bitcoin chart," following:
"If the price breaks the $ 14,500 level, we can see another huge candle to the upside."
As reported by Cointelegraph, analysts broadly agree that Bitcoin will be in line for significant gains if the $ 14,000 level flips from resistance to support.
The level had held steady since the early days of 2018 - after the Bitcoin pair reached an all-time high of $ 20,000 - and became the resistance level that capped the Bitcoin rally in 2019.
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