On Monday, the price suffered a drop of near $ 1000 within hours after the effective trial of Pfizer’s vaccine that showed around 90% results in preventing coronavirus infections. On the same day, bitcoin rallied over $ 200.

In the early morning around 8:30 a.m. after the announcement of Pfizer, the sell off went from $ 15,842 to as low as $ 14,845. Today, it feels divergent from the probable profit-taking that appeared over the weekend.

As per the reports, now the prices have taken a break from a rally after hitting highs of 2020 the past week. An average price based on both volume and price has been given by the VWAP at which an asset is traded throughout the day.

In accordance with Leow, they are going to enter the whipsaw markets in the short run as they typically follow huge gains. The move up from $ 13,900 to $ 15,900 during last week is actually mesmerizing as it happened with few liquidations and with very less corrections.

Since the declaration of the results of U.S. election, the traditional markets are seeing crucial action on the first trading day i.e. Monday. In early 2021, Joe Biden, the Former Vice President is all set to take office.

On one hand, where S&P touches 500 which is an all time high record, on the other hand, Pfizer COVID vaccine is showing strong promises. It will be very interesting to see how BTC will behave in the upcoming weeks.

In the last few weeks, there has been a rise in BTC and S&P . Btc is trading at the levels which are not seen since 2017. It would be interesting to see whether the trend would revert or the outperformance will be continued.

Crypto Business World

CBW - External Analyst

INDIA