It has been a momentous day for Bitcoin with the world’s largest cryptocurrency testing the $15,000 level for the first time since January, 2018.
The staggering rally to the upside comes during the polarising US presidential election, which is causing wild fluctuations in the price of the US Dollar.
As uncertainty creeps across the United States in light of the “too close to call” election result, investors are rushing in to catch Bitcoin before it potentially forms a new all-time high.
The previous time Bitcoin broke above $14,000 it went onto close the daily candle at $16,600 before tumbling dramatically on the following day.
This time around the price action has felt far more controlled and organic, which ties into the narrative that Bitcoin’s rise has been attributed to an influx of institutional investment, as opposed to hype-drive retail traders.
A reasonable short-term target for Bitcoin remains at $16,600, although a more aggressive target is beginning to emerge $17,200 as this was the lower high from $20,000 in early 2018.
The Bitcoin fear and greed index is currently printing 72, which means that while some traders may be poised to take profit, the levels of greed are actually less than yesterday when Bitcoin traded at $14,000.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.