In the running year 2020, Bitcoin (BTC) has managed to fight off all the odds and earn the spot where it stands now. It was back in January 2018 when the Bitcoin (BTC) was sitting above the figure of $14,000 before it took a huge dive.
Since then, it has happened for the first time that Bitcoin (BTC) has regained its position above the $14,000 mark. As of November 5, 2020, the Bitcoin (BTC) has crossed the $14,500 barrier and is showing stability above $14,000.
As per the analysts, the Bitcoin (BTC) currently has support from its investors at the $14,000 figure. As per on-chain data analyzing firms, Bitcoin (BTC) constantly gained more and more investments on Thursday, 5th November.
Some have speculated that the influx is due to the tension caused by the U.S. elections. One of the major cryptocurrency exchanges known as Bitstamp showed BTC versus USD price to be $14,500. As per the exchange, the price of Bitcoin (BTC) was observed fluctuating around the $14,500 figure, showing very small volatility.
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In the past few days, the Bitcoin (BTC) price has gained a 6.5% increase per day against the USD. This is credited towards the turmoil caused by the elections, which brought in huge gains for the most demanded assets that are Bitcoin (BTC) & Gold.
Among all the progress, there are some analysts such as Keith Wareing who have pointed out a very critical point. As per Wareing, the Bitcoin (BTC) will have to face some critical resistance before it goes even higher.
If the Bitcoin (BTC) can take the resistance head-on, then it is destined to grow even higher concerning its price.
No matter the speculations, the current Bitcoin (BTC) price looks promising. This time around, it is not just a temporary surge but it has happened when the majority of financial giants have shown interest in it.
In the history of Bitcoin (BTC) the most crucial and game-changing moment was PayPal’s adoption of the Bitcoin (BTC) cryptocurrency. It was at that time the fate of the Bitcoin (BTC) currency was decided.