Bitcoin has rallied to a new 2020 trading high over the weekend, hitting close to $14,100, after bulls broke past the former yearly trading high, around the $13,860 resistance level. The BTCUSD pair now faces a huge weak ahead, as the US election could generate unprecedented volatility for the cryptocurrency market. The current technicals show that failure to make a new high above the $14,100 level could cause Bitcoin to fall back towards the $12,700 area.
The BTCUSD pair is only bullish while trading above the $13,000 level, key resistance is found at the $14,050 and the $14,200 levels.
If the BTCUSD pair trades below the $13,000 level, sellers may test the $12,700 and $11,900 levels.
