Concern, uncertainty, and doubt trigger volatity to spike, however that doesn’t at all times end in draw back. Working example, is Bitcoin spiking even increased, all whereas the whole world is on the sting of its seat ready to see who wins the Presidential race.
With feelings operating as excessive as attainable, the cryptocurrency cleared resistance at $14,000 with ease, and will at this level be nicely on its means in direction of retesting $20,000 or past.
Bitcoin Takes Out $14,000 After Polls Come To A Shut
Yesterday was Election Day in the USA, and regardless of the end result might form the way forward for the worldwide economic system, affect the greenback, and have a number of extra essential implications on finanical markets for years to return.
With a lot hanging within the steadiness, and two distinctly opposed candidates, buyers, and the remainder of the world, are watching and ready for the end result to reach.
Bitcoin clears $14,000 because the world waits for a President to be chosen | Supply: BTCUSD on TradingView.com
The uncertainty surrounding the end result, ship the VIX volatity index spiking, and with it the inventory market and Bitcoin roaring. Whereas volatility and the VIX in 2020 to date have been assocaited with draw back, this time round, costs are hovering.
The inventory market rebounding arduous into the election, whereas Bitcoin has been spending the final week or so attempting to get above $14,000 – a feat it has simply now achieved.
Resistance stays above the place the final increased low was set earlier than the bear market started | Supply: BTCUSD on TradingView.com
The main cryptocurrency by market cap pushed above the important thing degree for the primary time since January 2018, and will goal increased from right here.
Bitcoin nonetheless must clear the above block of resistance to make it towards a retest of all-time excessive, however with the momentum the crypto asset has, the situation might be subsequent.
Featured picture from Deposit Images, Charts from TradingView.com