Bitcoin reverses ‘bear market’ at $53.5K as Pfizer gains on fresh panic over Coronavirus ‘Nu’ variant
The crypto-currency’s rally comes amid fears of the spread of a new strain of the flu that has been linked to bitcoin mining, leading some investors to insist it can be used in hospitals and clinics without any risks.
Concerns over a new Coronavirus type sparked a worldwide market sell-off, although Bitcoin (BTC) pared losses when Wall Street started on Nov. 26.
1 hour candle chart of BTC/USD (Bitstamp). TradingView is the source of this information.
Pfizer gains as the fear of the Coronavirus spreads.
BTC/USD ended its drop on Bitstamp at little around $53,500, according to data from Cointelegraph Markets Pro and TradingView.
As some kind of equilibrium returned to crypto markets, the pair gained about $1,500, trading at $54,400 at the time of writing.
The spread of a novel Coronavirus strain known as “Nu,” which some parties think might represent an issue for vaccination efforts, shook both crypto and conventional markets on the day.
Pfizer (PFE), a major manufacturer of Coronavirus vaccinations, defied the market’s fearful slump by starting nearly 7% higher at the Wall Street open. The S&P 500, on the other hand, was down 1.5 percent.
1-hour candle chart of Pfizer (PFE) (NYSE). TradingView is the source of this information.
Bitcoin therefore abandoned its asymmetrical investment characteristics to come in line with both stocks and the US dollar, in a move that will be recognizable to those who watched the events of March 2020.
The plunge below $54,000 was followed by a typical cocktail of concerns from mainstream media outlets, with CNBC joining Bloomberg in declaring that Bitcoin had “entered bear market territory.”
“Let’s see how the Daily candle ends,” remarked Rekt Capital, a trader and analyst, when asked about the implications of Friday’s changes on Bitcoin’s longer-term prognosis.
#BTC revisits and rejects the black diagonal resistance.
$BTC has dropped to the bottom of the wedging structure as a result of the rejection.
The breakdown would be confirmed by a daily close below the bottom trendline.
#Crypto #Bitcoin pic.twitter.com/xnEroEYfEj Let’s watch how the Daily candle closes#Crypto #Bitcoin
November 26, 2021 — Rekt Capital (@rektcapital)
The number of Bitcoin transactions has reached an all-time high.
However, there were few signals of true bearishness among crypto researchers and other long-term players.
Bitcoin delivers a ‘Black Friday sale’ at a price of less than $55,000 BTC — just like 2020
Cointelegraph writer Michal van de Poppe noted, “Enormous corrections Imply massive purchase chances.”
We’re still above $50,000. But it’s true. What’s the matter with you?
November 26, 2021 — Looposhi (@22loops)
While the lows of Friday are the lowest since mid-October, Bitcoin’s Q4 performance is not only lucrative, but also in line with prior bull market years.
Meanwhile, statistics revealed that Nov. 25 was the greatest single on-chain transaction volume day in Bitcoin’s history, despite the concern about spot pricing.
“Bitcoin reached another all-time record for transaction volume yesterday, with $36.5 billion in value settled on-chain,” according to researcher Kevin Rooke.
Chart of Bitcoin transaction volume. Kevin Rooke/Twitter is the source of this information.