Bitcoin Edged Towards $11,500 Right Before US Elections

Bitcoin edged towards the $11,500 region a month before the US elections, aiming for higher highs at $13,800 so let’s read more in our latest bitcoin news.

The number of non-zero BTC addresses made a new all-time high with 31.5 million addresses and the on-chain and exchange activity for the cryptocurrency includes further upsides. Bitcoin edged towards $11,500 by increasing by 6.53% in the last three days as anticipation of another bull run in the upcoming weeks. The price move comes with the American election about 20 days away.

Since the start of the month, Bitcoin’s price faced two major shocks with the initial charges filed against BitMEX and the announcement by the US President Donald Trump that he caught the coronavirus as well as his stance on issuing new monetary stimulus. However, the resilient buyers held the price above the support level and looked upon Square buying $50 million BTC as a trustworthy catalyst. The top cryptocurrency broke past the resistance from September at $11,200 and is now targeting the symmetrical triangle breakout at $13,800.

Looking on the weekly scales, Bitcoin’s price was met with parallel resistances at $11,550 and the RSI indicator entered the overbought territory suggesting another correction in the making. The RSI indicator measures the rate of the increase or drops in the price of an asset thus helping investors to identify whether the token entered the overbought or oversold territory from top to bottom. RSI values range between 0-100 where the levels above 70 are considered in overbought territory and below 30 oversold. However, in a bull market, BTC was known to stretch the RSI bullish range up to 90. The RSI is now at 63 with even more rooms to the upside.

Nathan Bachelor, a bitcoin analyst, commented:

 “After weeks of patiently waiting, Bitcoin finally smashed through the $11,100 barrier. We decided to book profits on this trade at $11,340 today, as the breakout did not reach our initial target of $11,685. However, we did bank a healthy 10.31% return for our subscribers in just over three-weeks and caught the late-September pullback almost perfectly. Another reason we want to go flat at the moment is to prepare for our next big trade, which could come as soon as Monday.”

The number of non-zero BTC addresses continues to reach new highs every day as there are now over 31.5 million addresses that hold amounts of bitcoin in them. The balance on exchanges continues to drop as it reaches parity with the levels seen in 2019 and this is considered a bullish signal for the market as Willy Woo tweeted:

 “When coins on spot exchanges drop, it’s a sign that new buyers are coming in to scoop coins off the markets and moving them into cold storage HODL, we are seeing new HODLers right now.”