Bitcoin (BTC) has remained close to the yearly highs above and below $14,000 while challenging a spike peak seen in late October at $14,098. The cryptocurrency market is experiencing increased volatility due to the US Presidential Elections, as it’s not clear yet who is the winner. BTC/USD has hit a daily swing high of $14,057 and continues switching higher and lower. With a mixed bias after an upside surge past $14k, BTC/USD may slip lower to $13,500. Bitcoin (BTC) risk remains to the downside should the risk-off mood deepen with an unexpected Trump win. The Bitcoin (BTC) market cap is currently $257.48 billion, with $32.61 billion traded in the past 24 hours. At the time of writing, the BTC current spot price is up at $13,933. On-chain metrics hint at a possible correction on Bitcoin (BTC) from its highs as seen of a whale transferring $1 billion from the current fourth-largest wallet. Crypto data platform Cryptoquant, also registered a large surge in exchange inflow suggesting a mounting selling pressure at $14,000.
*BTC/USD has hit a daily swing high of $14,057 and continues switching higher and lower
*With a mixed bias after upside surge past $14k, BTC/USD may slip lower to $13,500
*On-chain metrics hint possible correction on Bitcoin (BTC) from its highs as seen of a whale transferring $1 billion from the current fourth-largest wallet
Key Levels
Resistance Levels: $15,000, $14,500, $14,000
Support Levels: $13,500, $12,500, $11,500
BTC/USD Daily Chart: Bullish
BTC/USD Daily Chart
On the daily chart, the horizontal resistance zone has been clustered for the 3rd day in a row suggesting its supply zone. It’s touting a sell signal at around the $14,000 mark. The RSI stays overstretched and can flip bearish below the 70 marks, boosting the selling pressure more. A breakout beyond the $14,000 level of psychological resistance may push the price of Bitcoin up to $15,000.
If the selling signal on the daily chart is affirmed, though, and the selling pressure persists, we may see the price plunge of Bitcoin towards $13,000 to re-test the psychological level and sink as low as $12,500. Sellers should consider that a solid support band is an area between MA 50 near $13,500 and $13,200.
BTC/USD 4-Hour Chart: Bullish
BTC/USD 4-Hour Chart
Interestingly, Bitcoin retains on to its recent gains beyond the $13,000 mark as cryptocurrency investors interpret the latest United States election outcome sooner in the BTC/USD shorter time frame presenting an emerging selling pressure. The short-term technical analysis reveals that persistent weakness beneath the level of $13,500 might cause a drop to the level of $12,500.
A bearish trend suggests that if the $12,500 level is breached, the BTC/USD pair may weaken drastically. Although trading beyond the $13,500 mark, the BTC/USD pair is only bullish; the main resistance is seen at the $14,000 and $14,500 level. If the BTC/USD pair exchanges beneath the $13,500 mark, the $12,500 and $11,500 level may be tested by sellers.
Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
Image Credit: Shutterstock
