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.
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.
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