While Market Gets Back on Its Feet, Bitcoin Hits $16000
On Nov 12, 2020
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Bitcoin hits $16000 first time since January 2018. The main reason could be the market, which flourishes with the invention of the vaccine.
The consistent upward move of Bitcoin continues during the day. Currently, Bitcoin trades above the $16000 level, and it will reach $16200 soon. Bitcoin overcome many resistance levels during the year. Bitcoin was trying to overcome the $16000 level for a week. If we analyze it, we can notice that from July till September, Bitcoin struggled to overcome the $12000 level but dipped down to $10000. Bitcoin was stabilizing itself during September for the bullish move beginning from October. Now we are at the top of this movement, and Bitcoin will probably stay above $15000 for a long time.
What Did Change From 2017?
Everyone remembers the bullish move of Bitcoin that happened in 2017. However, something has changed since then. Bitcoin was not ready for the $20000 level, and it crashed shortly. This price surge was early for Bitcoin. Since then, Bitcoin began to mature as time passed. Many companies commenced using Bitcoin and blockchain technology. The maturity will allow Bitcoin to stay at a high price.
Market Awakening with The Vaccine
Vaccine for the Covid-19 will be the vaccine for the market. Pfizer and BioNTech invented the vaccine for Covid-19, and it will help many businesses to get back on track. The stock price of many airline companies and the price of oil increased with the initiative. This movement will pass to the other industries soon. Also, the main industry indexes show positive movements. S&P repeats the trend, which was the ever-high price recorded on September 2. The current price is $3572 for the index. The upward trend in the market will increase the gains of people, and they can spend this additional money on something else, such as Bitcoin.
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Disclaimer: All information provided in the content is for informational purposes only and should not perceive as investment, financial, or trading advice. Any investment decision you make should be a personal choice based on financial knowledge, experience, and market research.