Bitcoin price trades above $14k around $14.3k against the US Dollar and breaches a 35-month resistance as bullish sentiment tracks in from the US Election 2020. Tracking positive sentiment from the global markets, the digital assets are seen strengthening over the past 30 days with a clear uptrend and has spurred by 38.83%, exhibiting more than 1% growth in intraday over the past five weeks.
It took around eight days for the largest cryptocurrency to up its game from $13k to $14k. The Bitcoin price action has been booming over the past five weeks. Bitcoin is an invention of pure monetary energy, also believed as efficient thermodynamic money.
When I look at #Bitcoin, I don’t see a call option on the future, or apocalypse insurance, or a non-correlated asset class. I see a new invention – pure monetary energy, and it reminds me of oil, antibiotics, & electricity. It’s like giving freezing investors the gift of fire.
— Michael Saylor (@michael_saylor) November 4, 2020
Bitcoin is believed to be the greatest invention of the decade that is believed to be leading the finance and technology space with an interim power, holding no manipulations and excessive printing of fiat.
It is that coincident when the stock market, along with the crypto market, is seen holding a positive sentiment, and the foremost digital cryptocurrency is seen breaching $14k after 35 months from the last price above $14k marked in January 2018.
#Bitcoin breaches 14K again and continues to show that it is the only clear winner
— Tyler Winklevoss (@tyler) November 4, 2020
Bitcoin has been gaining traction this year due to the Halving, which led to welcoming the bears as it plummeted as low as $4k. However, the bulls seem to be in complete action as BTC trades above $14k and have been recovering with real growth. However, Bitcoin has been surrounded by many controversies, and just when many think that Bitcoin will face a massive fall while Bitcoin loyalists and lovers believe that it will hit a fresh ATH in the early half of 2021.
#bitcoin has now crushed resistance, not a lot to stop us from getting to $20,000!
— Lark Davis (@TheCryptoLark) November 5, 2020
Bitcoin Price Analysis
At the press time, Bitcoin was seen trading around $14.3k. With a clear rise noted over the past 30 days, the price trend of Bitcoin is breaching the upper Bollinger Band and is restoring support from 50-day and 200-day MA on a 3-hourly chart at $13.6k and $12.3k, respectively. The 30-day boom has been a clear-cut reflection of Bitcoin’s power leading to complete the bullish sentiment.
Bitcoin is clearly breaching a 35-month resistance and hitting fresh highs above $14k, and with a steep candlewick, the rise has over the past five days now, starting from the beginning of the month until the time of writing. Bitcoin, after a clear pullback in 2018 and 2019, is seen drawing major resistance.