Bitcoin has soared to a 33-month high above $14,000, showing resilience amid growing instability in the traditional markets.
- The top cryptocurrency by market value reached $14,047 around 10:05 UTC on Saturday – the highest level since January 2018, according to CoinDesk's Bitcoin Price Index.
- Earlier this week, bitcoin narrowly missed breaching the June 2019 high of $13,880 and faced selling pressure as global stock markets registered sharp losses as concerns over the resurgent coronavirus spiked.
- However, the downside was restricted to above $13,000 even as classic haven assets like gold fell to one-month lows near $1,860 amid the dollar strength.
- Stocks have just seen both their worst week and month since March.
- Bitcoin's defense of $13,000 and a quick rise to 33-month highs is perhaps not surprising.
- Market sentiment has been buoyed by several public companies' recent disclosures of bitcoin treasury investments.
- "Bitcoin currently has a very strong underlying bid from institutions," trader and analyst Nick Cote told CoinDesk.
- If the cryptocurrency manages to establish a foothold above the June 2019 high of $13,880, the focus would shift to the daily chart resistance range at $15,800–$16,000.
- At press time, bitcoin had dropped back to $13,993, but is still up over 25% for October, the biggest monthly rise since April.