HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Bitcoin Eyes $30K as UK Vaccine Approval Boosts Risk Appetite

Bitcoin 2020/12/30 14:24 by Yashu Gola

Bitcoin secured yet another record high level on Wednesday, helped by news of Anthony Scaramucci’s SkyBridge Capital investment’s investment into the cryptocurrency space.

The benchmark cryptocurrency topped at $28,580 during the Asian morning session after reports revealed that the investment management firm had purchased $182 million worth of Bitcoin. The news soon followed a dramatic stablecoin inflow into the cryptocurrency exchanges, pointing to traders’ willingness to “buy-the-news.”

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin price vs. Exchanges' stablecoin inflow. Source: CryptoQuant

Vaccine, Profit-Taking

Nevertheless, the BTC/USD exchange rate sharply reversed its course owing to profit-taking sentiment among daytraders. The pair remained in the negative area throughout the European session, falling to as low as $27,311 in the early trade.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin finds support at the 20-period MA curve near $27,000. Source: BTCUSD on TradingView.com

Part of the reason could be Britain’s fresh approval of the COVID-19 vaccine developed by AstraZeneca and Oxford University.

Hani Redha, a multi-asset portfolio manager at PineBridge Investments, called it an “important development” in the global fight against the pandemic. Unlike its peers, the AstraZeneca-Oxford vaccine will have more doses to transfer across the developing countries against comparatively higher temperatures.

“Just the sheer number of doses there will be and the fact that distribution of it is easier, particularly in developing countries, makes it important,” he noted.

Investors grabbed the vaccine news as their cue to increase their short-term exposure in the risky markets. The pan-European Stoxx 600 index climbed 0.11 percent, while the FTSE 100 index on the London stock exchange posted a modest 0.1 percent gain.

Bitcoin, on the other hand, appeared sidelined.

A Bitcoin Run-Up to $30,000

Meanwhile, a weaker dollar limited Bitcoin’s post-high losses amid a thin trading session.

The US Dollar Index, which measures the greenback’s strength against a set of foreign currencies, fell to its lowest levels since April 2018. So, while on the one hand, the vaccine news troubled Bitcoin traders, on the other, a weakening dollar safeguarded their medium-term bullish bias for the cryptocurrency.

Investors view Bitcoin as a hedge against inflation and current debasement. Meanwhile, The US dollar is a global reserve asset that has fallen by more than 12 percent from its mid-March highs. Its plunge has followed a massive stockpiling of debts by the Federal Reserve and the US government’s two stimulus packages of a combined worth of more than $3 trillion.

Entering the US session, the anti-fiat sentiment could prompt further upsides for Bitcoin’s ongoing bullish move. A pseudonymous analyst believes the cryptocurrency could close towards $30,000 based on a reliable technical indicator.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin is brewing for another upside push, as highlighted by IncomeSharks. Source: BTCUSD on TradingView.com

“Bitcoin’s SuperTrend,” the analyst noted, “on the daily gave a buy at $11,000. It is yet to flip bearish. Almost a 155% move just following this indicator. Every support touch has been a great buy opportunity (loaded up at $16,000 most recently).”

0 Like(s)



You should also read...

Bitcoin 28/10/20 18:00 by Tony Spilotro
Bitcoin RSI Moves Into Bull Market Territory, Here’s What Happens Next
Bitcoin price nearly set a new higher high and confirmed a bull trend. But before the leading cryptocurrency by market cap could set a new peak, a popular trading indicator might have jumped the gun a...
Read More
Bitcoin 04/11/20 12:17 by Yashu Gola
Bitcoin Declines, Dollar Recovers on Trump Win Prospects
Bitcoin traders braced for uncertainty as Donald Trump and Joe Biden entered a tight US presidential election race. The benchmark cryptocurrency surged overnight to above $14,000 in a sharp upside. It...
Read More
Bitcoin 09/11/20 21:00 by Tony Spilotro
Five Reasons Why Bitcoin Price Dropped And Could Correct Further
Bitcoin price has been rallying for most of 2020, but over the last two months, the cryptocurrency’s momentum kicked into overdrive. Anything that goes up, must at some point come back down to c...
Read More
Bitcoin 11/11/20 15:01 by Yashu Gola
Bloomberg Goes Bullish on Bitcoin on Latest Nasdaq Decoupling
Bitcoin is on track of further price appreciation as it decouples from a classic positive correlation with tech stocks, according to Mike McGlone of Bloomberg Intelligence. On Wednesday, the senior co...
Read More
Bitcoin 18/11/20 14:12 by Yashu Gola
3 On-Chain Metrics Show Why Bitcoin Price Could Hit $20K
Bitcoin inched towards $18,500 on Tuesday night. A sell-off occurred, and the cryptocurrency lost its support base of $18,000 in the early Wednesday hours. But ahead of the US session, it managed to s...
Read More