Home/Bitcoin News

Bitcoin (BTC) Recovers Fast After Slipping Below $15,000 On Vaccine News

By Bhushan Akolkar
November 9, 2020 Updated June 18, 2022
coingape Follow us on Telegram
Best In

Trending Tokens

Kyber

Earn

18% APR

Telegram

Coingape

Newsletter

Daily crypto

Global markets reacted today to the news of the COVID-19 vaccine candidate from pharmaceutical giant Pfizer, which is found to be more than 90% effective. While the Dow Jones (INDEXDJX: .DJI) jumped 1200 points hitting a new 2020-high, Bitcoin and the overall crypto market slipped in immediate response.

However, taking a momentary dip below $15,000 levels, Bitcoin (BTC) has recovered fast and is back above $15,200 levels. At press time, Bitcoin is trading at $15,232 with a market cap of $282 billion. As the Dow Jones, is 4.54% up, the overall crypto market remains 2.23% down.

It is interesting to note that all the assets – Gold, Bitcoin/crypto, tech stocks – that gained heavily during the pandemic period registered a major dip today. On the other hand, oil and non-tech stocks make a quick surge.

However, despite the sharp bearish swing, Bitcoin still remains range-bound. Last week, Bitcoin (BTC) made major moves and has been consolidating at $15,500 over the weekend. HNIs and institutions have been buying Bitcoin (BTC) in large numbers as the average transaction value has also soared significantly.

Did Bitcoin Whales Just Pull A Trick With Retail Investors?

The sharp Bitcoin price fall and the quick recovery have got the skeptics thinking once again. Some market observers think that there were spoofy sell orders at exchanges only to buy back at lower levels.

Popular crypto analyst PlanB also stated that big players will suck up all the BTC supply from weak hands. In his latest tweet, PlanB wrote:

“Now watch how those bitcoins that some dumb weak hand sellers sold in big chucks last 4 hours will be sucked up by strong hand buyers with hundreds of smart small 0.01 BTC algo buys. Those BTC will disappear in deep cold storage”. 

Many market analysts have been suggesting that the Bitcoin bull run has just started. A majority of them have also said that BTC will cross its all-time high of $20,000 in the next few months.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto Stories View all
peter schiff
Bitcoin Cynic Peter Schiff’s Bank Account Gets Suspended
matrix
Binance CEO Says We Might Be in Matrix
Bitcoin-Youth-1
US Youth More Interested in Crypto Than Mutual Funds

Next Story