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.
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