It is a new day for Bitcoin hodlers as the digital gold has scaled up to a 33-month high exceeding $14,000, hence exhibiting resilience in the midst of the swelling brouhaha in the conventional markets.
BTC scaled $14,047 around 11:05 Nigerian time on Saturday, 31st of October, 2020. This remains the highest level on record since the first month of 2018.
As worries of a second wave of Coronavirus continue to sweep the world, in response, BTC is confronting selling pressure as stock markets around the world are facing severe losses. To this end, Bitcoin (BTC, +2.50%) scarcely escaped “breaching” the June 2019 high of $13,880. Nevertheless, the downside was constrained to a rate exceeding $13,000 even as assets usually used as a store of wealth like gold, God’s money, fell to a one-month low of about $1,860. It is interesting that these major assets plunged even in the midst of the dollar gaining upward momentum.
Share Portfolios are Facing One of the Most Challenging Periods Since March
It appears that stocks are facing one of the most challenging period since the beginning of March. It is quite expected that Bitcoin will sustain defense of $13,000 and eventually scale to a 33-month high. Many Public Limited Companies have sustained market sentiments by revealing information of bitcoin treasury investments.
Nick Cote, an analyst cum trader notes:
“Bitcoin currently has a very strong underlying bid from institutions,”
BTC to Scale Beyond June 2019 High
It is projected that if BTC can progressively maintain its rate and even go beyond the June 2019 high of $13,880, much emphasis will divert to the daily chart resistance range at $15,800–$16,000. At the time of writing, Bitcoin had plunged to $13,993, but is still very well over October’s 25%. This rate still tops what we have had since April 2020.