The price of Bitcoin hit a new yearly high at $16,717 on Binance.
Second, there is a "Sell-side crisis" brewing as more BTC gets accumulated than mined.
Third, BTC rallied despite indicators showing overbought signals.
Earlier today, John Bollinger, a veteran trader, and the creator of the Bollinger Bands indicator, said he was wrong about a Bitcoin correction.
BTC continuously rallied, seeing intensifying momentum.
"Looks like I was wrong about the chance of a correction, all we got was a bit of consolidation and then back to the races. $btcusd Broken setups like this are signs of strength so currently the path of least resistance is higher. #BTC". Derivatives traders have also pointed to the declining Bitcoin supply leading to a sell-side crisis.
A pseudonymous futures and options trader known as "Light" said around 3,000 BTC have been withdrawn daily since BTC hit $10,000.
"Now at $16,600 from $11,000. Since the break of $10,000, ~3000 BTC has been withdrawn net DAILY from the main BTC centralized exchanges... Miners refuse to sell their recently halved rewards in the face of demand and are comfortably above break-even."BTC price reacts positively to today's vaccine breakthrough.
This time, following Moderna's highly anticipated vaccine results release, Bitcoin has actually increased by nearly 5%. In the same period, gold has struggled, gaining a mere 0.17%. But, traders say that if Bitcoin drops as it did on Nov. 12, then it would present a "Dip buying" opportunity.
The combination of technical momentum, a sell-side crisis, and the sheer momentum of the rally are causing BTC to stay stable above $16,000.
Bitcoin hits new 2020 high at $16.7K -Traders expect bigger breakout
Publié le Nov 16, 2020
by Cointele | Publié le Coinage
Coinage
Mentionné dans cet article
Nouvelles récentes
Voir tout
Another mainstream company is seeking approval to invest in crypto
Anthony Scaramucci's investment firm, SkyBridge, seeks approval from the SEC to invest in crypto.
COVID-19 popularized decentralization, but blockchain may not catch on
On Nov. 9, drugmaker Pfizer announced that its COVID-19 vaccine is 90-plus percent effective, and even though it may be premature to proclaim the pandemic's end - as the virus continues to rage in the United States and Europe - once can at least speculate: Where will blockchain adoption stand when the crisis abates?
Bitcoin hits new 2020 high at $16.7K -Traders expect bigger breakout
The price of Bitcoin hit a new yearly high at $16,717 on Binance.
The next big crypto market could be fantasy sports, says Messari
As "Digitally native" ecosystems like esports continue to synergize with blockchain technology, industries like fantasy sports could be primed for mass adoption, says digital research firm Messari.