Bitcoin just climbed to its highest level since January 8, 2018 and knocked on the door to $ 16,000 as FOMO dominated the markets again.

Bitcoin prices hit a 33-month high as a result of an upward move that has increased more than 12% in the last 24 hours, according to Tradingview.com, hitting $ 15,980 during early Asian trading today, Nov. 6, according to Tradingview. .com.

The $ 16,000 level could be resistance given there were two weekly closes at $ 16,100 in early January 2018, so if this week’s candlestick manages to hold on to those levels, it could be pressure higher towards a high peak. Card templates currently resemble those of late November 2017, when BTC surged rapidly from $ 7,000 to a high of $ 16,000 in just three weeks.

Analysts point out that Bitcoin’s price is now at 80% of its all-time high, which is the closest thing to a full recovery that averaged just 12 days from these levels to ATH.

On the other hand, traders can start making some profit here, which can lead to a refund.

The Anxiety and Greed Index is currently becoming an “extreme greed” area of ​​90. The last time this rally was in June 2019, when it peaked at 92, when the price of bitcoin hit an annual high of just under $ 14,000.

Seasoned investors like billionaire and former hedge fund manager Mike Novogratz, in a recent tweet, advised against selling based on emotion.

“The hardest part in the beef market is to sit down. My friend Paul Jones calls it “the pain of winning. “This is the BTC market for bulls. Your job is to sit back and close the phone.
US election results could be a catalyst for this week’s turnout as Joe Biden continues to pull away from Donald Trump with a near-ended tally. At press time, Biden was ahead by 264 versus 214 versus 270, with only five states remaining. Square also reported record revenue and earnings from Bitcoin sales in the Cash app.

Source: CoinTelegraph

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