It’s been a week. Whether the politics made it good or bad week depends on your view but if you’re holding Bitcoin, it was certainly good. The price is up more than 8.5 percent over the last seven days. It’s now well over $14,000 and has spent 100 days above $10,000. That has some experts predicting a new jump. Others are looking back to 2016 for positive signs. Then too a period of pre-election stability was followed by a rally. The next level of resistance could be at $17,000. Will Bitcoin get there? Much depends on how far it falls first.
Whales certainly appear optimistic. Election day saw 58,861 BTC moving out of Binance. That’s about $816 million. That might be the result of a deal but it could also be whales preparing for a price rally. About a billion dollars also moved out of a Silk Road wallet for the first time since 2015. That might be the result of a hack.
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