{"id":448798,"date":"2020-11-03T23:44:36","date_gmt":"2020-11-03T23:44:36","guid":{"rendered":"https:\/\/ktsl888.com\/?p=448798"},"modified":"2024-06-11T14:07:56","modified_gmt":"2024-06-11T14:07:56","slug":"bitcoin-just-broke-14000-again-heres-why-this-is-pivotal-for-bulls","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-just-broke-14000-again-heres-why-this-is-pivotal-for-bulls\/","title":{"rendered":"Bitcoin Just Broke $14,000 Again: Here’s Why This Is Pivotal For Bulls"},"content":{"rendered":"

Bitcoin<\/a> is surging higher despite uncertainty relating to the election. The leading cryptocurrency currently trades for $14,030, around $700 about the daily lows and around $800 above the week-to-date lows.<\/p>\n

The coin is up 3.5% in the past 24 hours, outperforming many top altcoins. It seems that Bitcoin’s rapid price action to the upside is forcing capital and attention into the leading cryptocurrency and away from altcoins.<\/p>\n

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Chart of BTC's price action over the past few hours from TradingView.com<\/a><\/pre>\n
Related Reading:<\/a> Here\u2019s Why Ethereum\u2019s DeFi Market May Be Near A Bottom<\/a><\/h6>\n
The Importance of $14,000 to Bitcoin’s Bull Case<\/strong><\/h2>\n
Analysts see the ongoing breakout as pivotal to the Bitcoin bull case due to the importance of $14,000 to BTC’s macro price action.<\/p>\n
Raoul Pal, CEO of Real Vision, shared<\/a> the chart below on October 27th. “There are literally only two resistances left on the #bitcoin chart – 14,000 and then the old all-time high at 20,000,” he commented on the chart.<\/p>\n
As it shows, Bitcoin’s rally in 2019 topped at $14,000 almost perfectly. $14,000 is also the point at which the 2017 yearly candle closed. Due to these two facts, a number of analysts have dubbed $14,000 BTC’s most important level ever.<\/p>\n
Pal’s chart indicates that once Bitcoin turns $14,000 into support, the cryptocurrency will rocket towards its previous all-time high of $20,000.<\/p>\n
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There are literally only two resistances left on the #bitcoin<\/a> chart – 14,000 and then the old all-time high at 20,000. I fully expect new all-time highs by early next year at the latest.#irresponsiblylong<\/a> pic.twitter.com\/Xhp8qgHrAC<\/a><\/p>\n
— Raoul Pal (@RaoulGMI) October 27, 2020<\/a><\/p><\/blockquote>\n