Bitcoin price has been consolidating below the key resistance of $ 13,800 for the past week, but the bulls are once again in the process of testing this level. The upcoming election results are believed by many to be the driving force that could contribute to some BTC volatility. This ability is evidenced by the enormous capital inflow of highly leveraged traders’ orders on margin trading platforms. Positions that are stopped out or disposed of can help fuel a big move in the short term.
The fact that the bears have not been able to cause any sustained downtrend despite having been repeatedly rejected at this level is a bullish sign.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price builds up momentum into elections
The ongoing elections in the United States are largely seen as the catalyst for volatility in the cryptocurrency market. Many believe that the winner will determine the stock market’s fate over the coming months – and even years – which may affect Bitcoin.
Investors don’t seem too afraid of any post-election turmoil in the global market, which could mean it will rise regardless of who wins.
At the time of writing, cryptocurrencies are trading up just over 1% at the current price of $ 13,720. BTC could see a massive breakout if the Bulls complete $ 13,770.
Specifically, according to crypto trader Wolf, the level of $ 13,770 – just above Bitcoin’s current price – is the level of importance that the bulls need to clear up towards its all-time high.
“Best buy opportunity would be a pullback to ≈ $ 11942. Resistance to clear $ 13769. If cleared next resistance @ ≈ $ 16213.”
The next few hours and days will provide some serious details about Bitcoin’s medium-term outlook.
You can see the Bitcoin price here.
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