Bitcoin price up 5%, will $14,000 hold ahead of elections?

BTC Bitcoin Price
  • The Bitcoin price firm above $13,500
  • Resistance at $14,000
  • Support at $12,800
  • Uncertainty ahead of the U.S. Presidential Election

Bitcoin price prediction: Current overview

The Bitcoin price continues to trudge higher, defying expectations and gravity. A few days after breaking above Aug 2020 highs, bulls are likely to drive prices above June 2019 highs. The liquidation level is an important reference point for technical analysts.

At the time of writing, the Bitcoin price is trading at $13,741, a slight correction from today’s highs of $13,840, and the open of $13,771. Whether today’s low of $13,652 will stand mostly depends on whether mainstream fundamentals will continue to offer support, providing fuel for bulls aiming to close and sustain prices above $14,000.

Amid the optimism from traders and the crypto community is news off Iran. The country is legitimizing Bitcoin and cryptocurrencies following a law change. 

In the new directive, crypto will be sent as a tool for bypassing US sanctions as a means of enabling imports. It is now a requirement for miners to channel part of their cryptocurrencies depending on the subsidy received and other guidelines from the Ministry of Energy and the Iranian central bank. Iran is now the first country in the world to include Bitcoin and crypto as part of its national strategy.

Bitcoin price movement in the last 24 hours

Bitcoin price up 5%, will $14,000 hold ahead of elections? 1
Bitcoin Price Daily Chart by Trading View

Buyers are in the driving seat judging from price action in the daily chart. Two weeks after the high volume close and break above $12,500, bulls have a tight grip on proceedings. 

As it is, the path of least resistance is northwards. Every low should technically be a buying opportunity in the immediate term as long as prices trade above Aug 2020 highs of $12,500 and the middle BB.

Notably, supporting of bulls is the divergence of Bollinger Bands and bullish candlesticks aligning along the upper BB. This hints at underlying demand and the possibility of trend continuation as buyers aim for $14,000 and better.

A close above $14,000 could ignite more demand as June 2019 liquidation level is broken, opening the floor for $20,000. 

On the flip side, a pullback from $14,000 towards $12,500, the middle BB, could damp bullish expectations. However, whether or not sellers dominate depend on if $10,000 (a medium-term bear target) holds.

Bitcoin price movement in the last hour

Bitcoin price up 5%, will $14,000 hold ahead of elections? 2
Bitcoin Price 1-Hour Chart by Trading View

At the time of writing, the Bitcoin price is stable in the last hour. Immediate support is the trend line on the lower end. Conversely, resistance is at $14,100—last week’s high. 

Aforementioned, a firm, high volume close above $14,100 will likely spark demand, setting up the stage for $20,000 or better by the end of the year. 

A break below the support trend line and a dump towards $12,800, and even $11,000 will be on the cards.

Bitcoin price prediction: Conclusion

Bulls are in control, and more is on the table because of the upcoming U.S. Presidential Elections. If sellers breach the support trend line in the 1-hour chart, the BTC price could crater back to $12,800—the lows of last week. If not, FOMO could see BTC prices soar back to $20,000.

Dalmas Ngetich

Dalmas Ngetich

Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies. Enjoying the opportunity to help educate bitcoin enthusiasts, he writes insights and coin price chart analysis.

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