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Home Technical analysis BTC

Bitcoin Price Clears $14,000 As Presidential Race Conclusion Nears

Tony Spilotro by Tony Spilotro
6 months ago
in BTC
Reading Time: 2min read
Bitcoin Price Clears $14,000 As Presidential Race Conclusion Nears

Businessman putting ballot in vote box against close up of the us flag Businessman putting ballot in vote box on white background

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Fear, uncertainty, and doubt cause volatity to spike, but that doesn’t always result in downside. Case in point, is Bitcoin spiking even higher, all while the entire world is on the edge of its seat waiting to see who wins the Presidential race.

With emotions running as high as possible, the cryptocurrency cleared resistance at $14,000 with ease, and could at this point be well on its way towards retesting $20,000 or beyond.

Bitcoin Takes Out $14,000 After Polls Come To A Close

Yesterday was Election Day in the United States, and whatever the outcome could shape the future of the global economy, impact the dollar, and have several more critical implications on finanical markets for years to come.

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With so much hanging in the balance, and two distinctly opposed candidates, investors, and the rest of the world, are watching and waiting for the outcome to arrive.

Bitcoin clears $14,000 as the world waits for a President to be chosen | Source: BTCUSD on TradingView.com

The uncertainty surrounding the outcome, send the VIX volatity index spiking, and with it the stock market and Bitcoin roaring. While volatility and the VIX in 2020 thus far have been assocaited with downside, this time around, prices are soaring.

The stock market rebounding hard into the election, while Bitcoin has been spending the last week or so trying to get above $14,000 – a feat it has just now accomplished.

btcusd 14k bitcoin

Resistance remains above where the last higher low was set before the bear market began | Source: BTCUSD on TradingView.com

The leading cryptocurrency by market cap pushed above the key level for the first time since January 2018, and could aim higher from here.

Bitcoin still needs to clear the above block of resistance to make it toward a retest of all-time high, but with the momentum the crypto asset has, the scenario could be next.

Featured image from Deposit Photos, Charts from TradingView.com

 

Tags: bitcoinbtcbtcusdbtcusdcBTCUSDTcryptoxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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