- Bitcoin has been flashing some subtle signs of strength heading into election day, as bulls were able to push it from $13,400 to $13,700 earlier today before it began facing some resistance
- Its price action as of late has marked consolidation, and it doesn’t appear that analysts will have a clear idea of where it is heading next until after the election
- Some believe that the results of the presidential race will have far-reaching impacts that even sway Bitcoin in the mid-term
- That said, one trader is noting that it could soon be “go time” for Bitcoin if the cryptocurrency can close above one crucial level in the near-term
Bitcoin and the aggregated cryptocurrency market have been consolidating over the past week as analysts await the election results.
BTC has been struggling to break above its overhead resistance at $13,800 despite closing its monthly candle above this level a few days ago.
The selling pressure between $13,800 and $14,000 is quite intense, and a break above it will likely spark the next leg higher.
One trader is noting that a close above $13,950 will make it “go time” for Bitcoin, opening the gates for it to see some massive upside.
Bitcoin Rallies Higher Despite Election Day Concerns
It appears that some Bitcoin bulls aren’t too fearful regarding Bitcoin seeing any intense bear-favoring turbulence in the hours leading up to and following today’s election.
At the time of writing, Bitcoin is trading up just over 1% at its current price of $13,700. This marks a notable surge from lows of $13,400 that were set this morning.
The strong support within the lower-$13,000 region is promising and indicates that bulls are still in full control of its price action.
Trader: It’s Almost “Go Time” for BTC
$13,960 is the crucial level Bitcoin needs to close above to post a massive extension of its recent uptrend.
One analyst spoke about this in a recent tweet, explaining that he has no interest in shorting Bitcoin at the moment.
“BTC: Not interested in shorts besides at the highs or unless we break those higher lows it keeps printing. Below the Swing High from June 2019 it’s probably a decent short towards mid 12000s. Above 13950 on a closing basis and it’s go time.”
Image Courtesy of Smokey. Source: BTCUSD on TradingView.
The coming few days should provide some serious insights into where Bitcoin and the rest of the market will trend throughout late-2020.
Featured image from Unsplash. Charts from TradingView.