Fear, uncertainty, and doubt cause volatity to spike, but that doesn’t always result in downside. Case in point, is Bitcoin spiking even higher, all while the entire world is on the edge of its seat waiting to see who wins the Presidential race.
With emotions running as high as possible, the cryptocurrency cleared resistance at $14,000 with ease, and could at this point be well on its way towards retesting $20,000 or beyond.
Bitcoin Takes Out $14,000 After Polls Come To A Close
Yesterday was Election Day in the United States, and whatever the outcome could shape the future of the global economy, impact the dollar, and have several more critical implications on finanical markets for years to come.
With so much hanging in the balance, and two distinctly opposed candidates, investors, and the rest of the world, are watching and waiting for the outcome to arrive.
Bitcoin clears $14,000 as the world waits for a President to be chosen | Source: BTCUSD on TradingView.com
The uncertainty surrounding the outcome, send the VIX volatity index spiking, and with it the stock market and Bitcoin roaring. While volatility and the VIX in 2020 thus far have been assocaited with downside, this time around, prices are soaring.
The stock market rebounding hard into the election, while Bitcoin has been spending the last week or so trying to get above $14,000 – a feat it has just now accomplished.
Resistance remains above where the last higher low was set before the bear market began | Source: BTCUSD on TradingView.com
The leading cryptocurrency by market cap pushed above the key level for the first time since January 2018, and could aim higher from here.
Bitcoin still needs to clear the above block of resistance to make it toward a retest of all-time high, but with the momentum the crypto asset has, the scenario could be next.
Featured image from Deposit Photos, Charts from TradingView.com