Bitcoin reverses the bear market at 53.5k as Pfizer hits a closing price
Bitcoin (BTC) emerged from a loss when Wall St. opened on November 26 after fears of a new variant of coronavirus caused a sell-off in global markets.
Pfizer benefits when the coronavirus panic begins
Data from Cointelegraph Marketplaces Professional and TradingView shows that BTC / USD ended the downturn in Bitstamp just above $ 53,500.
The pair then added nearly $ 1,500 as some balance returned in the crypto markets, trading around $ 54,400 at press time.
Both cryptocurrencies and traditional assets were mixed up on the day thanks to the advent of a new variant of coronavirus called “Nu” that some parties say could cause problems for bots.
Pfizer (PFE), a major coronavirus vaccine maker, has clearly bucked the nerve-wracking downward trend, up 7% when it opened on Wall Street. In contrast, the S&P 500 lost 1.5%.
From what will be known to those who witnessed the March 2020 events, Bitcoin has thereby given up its asymmetrical investment features to account for both stocks and the US dollar.
A drop below $ 54,000 comes with a familiar cocktail of doubt from sources like the mainstream media with CNBC join Bloomberg claims that Bitcoin “entered bear market territory”.
“Let’s see how the daily candle closes,” said trader and analyst Rekt Cash in cautious terms about the impact of Friday’s movements on Bitcoin’s long-term prospects.
#BTC check and reject the black diagonal resistance area
If refused, $ BTC has returned to the bottom of the wedge structure
The day’s close below the lower trendline confirms the collapse
– Rekt money (@rektcapital) November 26, 2021
BTC trading volume hits all-time high
However, there is still little evidence of any real downside among cryptoanalysts and other long-time participants.
Related: Bitcoin is offering ‘Black Friday Deal’ for under $ 55,000 BTC – like 2020
“Big change = big buying opportunity”, Cointelegraph employee Michaël van de Poppe summary.
We’re still at $ 50,000. Honestly. Why are you in so much pain?
– Looposhi (@ 22loops) November 26, 2021
While Friday’s low has not been seen since mid-October, Bitcoin’s performance in the fourth quarter is not only profitable overall, but is fully in line with the previous bull market years.
Amid the panic over spot prices, the data shows that November 25th is the biggest day of online trading volume in Bitcoin history.
“Bitcoin hit an all-time high for trading volume yesterday with a value of 36.5 billion US dollars transacted in the chain,” said researcher Kevin Rooke commented.