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Bitcoin’s price has been holding up quite well despite the volatility seen yesterday that came about due to a turbulent election that has yet to deliver any decisive results.
This price action has done little to contribute to its mid-term outlook, however, as it is still trading below the resistance it has been facing around $14,000.
Traders are widely noting that the cryptocurrency could be poised to see some significant upwards momentum in the near-term. One trader is specifically setting his sights on $14,400, noting that its price action has been “beautiful.”
Yesterday evening, however, the cryptocurrency did see a move up towards $14,100, but the selling pressure here was significant and instantly caused it to see a relatively intense selloff.
If the selling pressure remains strong, the confluence of the resistance here and economic turbulence resulting from the ongoing election could put some immense pressure on bulls and slow the cryptocurrency’s ongoing ascent.
Bitcoin Pushes Towards $14,000 Despite Yesterday’s Rejection
At the time of writing, Bitcoin is trading down just over 1% at its current price of $13,865.
This marks a slight upswing from its daily lows of $13,700 but a decline from highs of $14,100.
The cryptocurrency’s inability to break above $14,000 has highlighted the immense selling pressure in this price region over the past week. It may indicate that it will continue acting as a strong resistance level.
The stock market is showing some immense signs of strength at the moment, with the S&P 500 trading up just under 3%. This may bolster Bitcoin and help it surmount its $14,000 resistance in the near-term.
Analysts Target Move to $14,400 as Uptrend Holds Strong
Despite the intense selling pressure seen in the upper-$13,000 region, the cryptocurrency could still be well-positioned to see further gains in the days ahead.
While sharing his thoughts on where BTC might trend in the near-term, one trader explained that he is watching for a move up to $14,400.
“BTC: Re-longed this morning. Honestly don’t care about the elections, PA been beautiful imo. 14.4k next. Send it,” he said while pointing to the levels marked on the below chart.
Image Courtesy of George. Source: BTCUSD on TradingView.
For this rally to come about, it is imperative that buyers surmount $14,000 and hold Bitcoin above this level for an extended period of time.
Featured image from Unsplash. Charts from TradingView.