Bitcoin Hits Its Highest Level Since January 2018, Now Eyes $20,000

Bitcoin Hits Its Highest Level Since January 2018, Now Eyes $20,000

November 6, 2020

The US presidential election outcome remains uncertain, but investors and the markets are already having a celebration. Stock markets across the world recorded gains at various degrees after the election day. The Nasdaq Composite Index gained 2.6 % after the tech-heavy index rose 3.9 % on Wednesday. Other sectors such as industrials and banks rose almost 4 % and 2.6 % respectively.

In addition, Gold also rose to $1,930 per ounce against a falling dollar after the election day, almost touching its 4-week highs. Stock markets in China, Hong Kong, and some European countries all responded positively.

At the moment, bitcoin appears to be the biggest winner. bitcoin gained over 10% in the last few days to $15,985, the highest level it has reached since January 2018. bitcoin price has rallied 42% since the start of Q4, outperforming major assets and top banks stocks.

Bitcoin’s recent momentum could be attributed to the growing recognition it gains as an alternative store of value. Institutional giants such as Square Inc, Paypal and JPMorgan have sent positive signals for adopting bitcoin, which in turn boost investors’ confidence that bitcoin could act as a diversifier in times of uncertainty. The adoption of bitcoin not only just benefits the coin itself. Paypal stock, for instance, gained 12% after announcing its plan to integrate bitcoin selling and buying.

So, is bitcoin ready to lead?

After clearing the path to $14,000, there is little resistance in the way of bitcoin. The most prominent resistance is $19,783, its ATH since birth. Should bitcoin manage to break $16K level, a full recovery is on the horizon. It took about three weeks for bitcoin to moon to $16K from a mere $7K in late November 2017. This rally could take place again.

Of course, given its infamous high volatility feature, traders may choose to take profit which could result in pullbacks. $13K, what once was a major resistance,  now serves as a strong support.

In a recent tweet, billionaire former hedge fund manager Mike Novogratz advised traders to avoid emotional trading: “The hardest thing to do in a bull market is to sit. My pal Paul Jones calls it the ‘pain of the gain’. This is a $BTC bull market. Your job is to sit on your hands and lock away your phone.”

With the market going bullish, now is the best time to join the game. Bexplus, a leading bitcoin-based trading platform offering 100X leverage provides you with all the necessary tools to take advantage of volatile market swings in any direction.

  • Demo account with 10 BTC

Bexplus is one of the few exchanges that offer a free demo account, which puts you through its rules and trading widgets. Inside the demo account is 10 BTC for traders to practice and try out strategies as much as they like.

  • BTC Wallet: up to 30% Annualized Interest Without Any Risks

Bexplus users can gain profits not only from trading. Join the Bexplus wallet to earn up to 30% annualized interest without taking risks. With up to 30% annualized interests, it is no doubt one of the most profitable rates in the industry.

While most lending platforms require traders to deposit at least 1 BTC, traders can make a deposit starting from 0.05 BTC on Bexplus.

  • Trade Freely on Android & iOS

The top-ranking Bexplus app integrates all the necessary functions and tools (real-time charts, a variety of indicators, news alerts and etc.) while keeping a minimalist and intuitive interface. With the Bexplus app, you can manage your account anywhere and anytime you want. Furthermore, the 24/7 notification could keep you updated with big price movements, making it easier to secure your positions.

  • Deposit Activity to Earn 100% BTC Cashback

Deposit BTC in the Bexplus account and you can earn a 100% BTC bonus, which can also be used to trade futures contracts. Plus, more margins reduce the likelihood of forced liquidation. The more deposit, the more bonus you will get. Up to 10 BTC is available for each deposit.

 

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