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Bitcoin Reverses ‘Bear Market’ At $ 53,500 Level As Pfizer Gains On Panic Over Coronavirus Variant ‘Nu’

Bitcoin (BTC) halted some of its losses when Wall Street opened on November 26 after concern over a new variant of COVID-19 triggered a sell-off in the global market.

BTC / USD (Bitstamp) 1-hour candlestick chart. Source: TradingView

Pfizer wins as coronavirus panic sets in

Data from Cointelegraph Markets Pro and TradingView showed that the BTC / USD pair ended its slowdown at just over $ 53,500 on Bitstamp.

Later, the pair added nearly $ 1,500 when some sense of balance returned to the cryptocurrency markets, trading at around $ 54,400 at the time of writing this article.

Both crypto and traditional assets shook the day thanks to the proliferation of a new variant of COVID-19, dubbed “Nu,” which some parties claim could pose a problem for vaccine programs.

Pfizer, a leading COVID-19 vaccine producer, notably outpaced the nervous market downtrend, up 7% at the Wall Street open. By contrast, the S&P 500 was down 1.5%.

Pfizer (NYSE) 1-hour candlestick chart. Source: TradingView

In what will be familiar to those who witnessed the events of March 2020, Bitcoin thus ditched its asymmetric investment traits to align itself with both equities and the US dollar.

The drop below $ 54,000 was accompanied by a familiar cocktail of misgivings from sources, including the mainstream media, and CNBC was joined to Bloomberg in stating that Bitcoin had “entered bear market territory.”

“Let’s see how the daily candle closes,” said trader and analyst Rekt Capital in cautious words about the impact of the day’s movements on the long-term outlook for Bitcoin.

#BTC revisits the black diagonal resistance and rejects there

On rejection, $ BTC has returned to the bottom of the wedge structure.

The daily close below the lower trend line would confirm the breakout

Let’s see how the daily candle closes

BTC transaction volume hits all-time high

However, among cryptocurrency analysts and other longtime participants, there were still few signs of a genuine downtrend.

“Massive corrections = massive purchase opportunities”, summarized Cointelegraph contributor Michaël van de Poppe.

While the lows of November 26 have not been seen since mid-October, overall, Bitcoin’s performance in the fourth quarter remains not only profitable but fully in line with previous years of the bull market.

Meanwhile, amid the spot price panic, data showed that November 25 marked the day with the highest volume of on-chain transactions in the history of Bitcoin.

“Bitcoin set another all-time high for transaction volume yesterday with $ 36.5 billion of netted value on the chain,” commented researcher Kevin Rooke.

Bitcoin transaction volume chart. Source: Kevin Rooke / Twitter

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HELEN HERNANDEZ

Helen Hernandez is our best writer. Helen writes about social news and celebrity gossip. She loves watching movies since childhood. Email: Helen@oicanadian.com Phone : +1 281-333-2229

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