Breaking: Bitcoin hits $15,000 for the first time since January 2018

Bitcoin has finally surpassed the $15,000 barrier after a massive 6% price spike in the past 24 hours.
The digital asset has ignored the uncertainty surrounding US presidential elections and continues climbing higher.

Lorenzo Stroe Independent Analyst

In our last article, we discussed the possibility of Bitcoin hitting $15,000 as it was facing very little resistance to the upside. With very little opposition above, it seems that Bitcoin has no limit and will likely hit its all-time high at $20,000 again. Despite the current price, it can be observed a massive spike in the number of holders with 100-1,000 coins from 13,754 on October 30 to 13,986 currently. This metric shows investors are still extremely interested in BTC even though the price is already quite overextended.

BTC/USD daily chart

Bitcoin is closer than ever to its all-time high at $20,000 and it seems to be facing very little resistance to the upside. In our previous analysis, we saw that BTC's price is free to run up to $16,322 which is the weekly high of January 2018.

On top of that, the In/Out of the Money Around Price (IOMAP) chart continues showing very little resistance to the upside well until $17,090. From $14,869 to $17,090, only 226,000 BTC were bought. In comparison, the support area between $13,517 and $13,961 has a volume of 840,640 BTC, more than tripling the Bitcoin bought above $14,869, which means there is extremely low selling pressure above.

Author

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

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