Bitcoin climbed higher $14 000 and updated the maximum since January 2018 of the year

In the afternoon 31 October, the bitcoin rate on most exchanges briefly rose above the level $14 000, exceeding the local summer maximum 2019 of the year.

Bitcoin was previously above this mark in early January 2018 of the year. The next significant resistance level is now historical maximum 2017 years on $20 000. 

However, there is also a fly in the ointment for the bitcoin bulls - in the short term, the current growth looks rather uncertain. After updating the three-year high, Bitcoin failed to gain a foothold above the sign level and it “rolled back” to $13 800. Trading volumes for today are also not highlighted. The US presidential elections are also a factor of increased volatility., the results of which will be known 4 November.

Source: Tradingview

As for the long term, here the cryptocurrency remains "on a horse". The second wave of the coronavirus pandemic forces central banks to continue injecting into the economy through additional emission of fiat currencies. Whoever becomes the next President of the United States, FRS, probably, will continue the previous policy of low rates and "throwing money from a helicopter". And this is a key positive signal for all reserve assets., including gold and bitcoin.

We should not forget about the main driving force of the market - the interest of institutional investors.. And he stays high. Major players continue to buy bitcoin in reserves, and Grayscale, the most popular regulated crypto fund operator, recently announced an investment in $300 million in one day 23 October and on $1 billion for the III quarter 2020 of the year.