KEY POINTS
- Bitcoin is trying to sustain a break past $14,000 after closing above the level on election night
- After $14,000, there is no major resistance until $17,000
- Bitcoin has been dominating the market and is sucking out the volume from altcoins
Bitcoin reaches $14,000 once again and analysts are expecting a new all-time high as altcoins continue to find their bottoms.
On election night, Bitcoin closed at $14,035, marking the second time the benchmark cryptocurrency breached past the $14,000 level and the first in almost three years.
Bitcoin successfully broke multi-year resistance levels at $11,300, $12,000 and $13,000 before it faced heavy selling pressure at $14,000, Cointelegraph reported. Should $14,000 get sustained, there is no major resistance until $17,000, an all-time high in the daily price chart.
Analysts are observing Bitcoin as it tries to sustain a break past $14,000. If it succeeds, the first key resistance will be at $14,400 and the next likely at $17,000.
Should Bitcoin break down, $13,800 will likely be the mid-level resistance. The $13,300 level must remain intact for the rally to not lose its momentum.
Bitcoin has been above $13,000 for 11 straight days now. It has simply dominated all the other cryptocurrencies since September and because of that, altcoins are facing intense selling pressure and weaker demand.
Ethereum, long considered an indicator for the state of altcoins, could not breach past $400 and has stayed range-bound at $382. While some analysts suggest a return to the $270 level is possible for Ethereum, Cointelegraph’s Keith Wareing says the second-largest cryptocurrency may have bottomed already. The 4-hour chart shows Ethereum trailing up in an ascending channel since Oct. 25.
Wareing added that if Ethereum continued its ascend, the price could break past $400. It could slide further to $350 and $310 if it loses this support.
Decentralized Finance (DeFi) tokens are also down from their August highs. YFI, the governance token of Yearn.finance, slid to $9,420, which is 78% down from its all-time high price of $43,678.
Chainlink, which had a rally from $1 to $20 this year, is trading at $10.30.