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A pseudonymous futures and options trader known as "Light" said around 3,000 BTC have been withdrawn daily since BTC hit $10,000.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 Since the break of $10,000, ~3000 BTC has been withdrawn net DAILY from the main BTC centralized exchanges...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
Veröffentlicht auf Nov 16, 2020
by Cointele | Veröffentlicht auf Coinage
Erwähnt in diesem Artikel
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.