• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

Risks of Bitcoin Correction Grow on Positive Moderna Vaccine Trial

Yashu Gola by Yashu Gola
2 years ago
in Bitcoin
Reading Time: 3 mins read
Advertisement

Bitcoin was trading higher ahead of the New York opening bell Monday but risked shedding its intraday gains on Moderna’s latest announcement.

The tech-savvy pharmaceutical firm updated earlier Monday that its experimental coronavirus vaccine is 94.5 percent effective in protecting people from catching the infection. That marked the second successful trial seven days after Pfizer and its partner BioNTech also showed 90 percent efficacy in their COVID-19 trial.

Bitcoin initially reacted negatively to the Pfizer vaccine news on Monday last week as its price fell by more than $1,000 within a few hours into the announcement. Nevertheless, on the same day, billionaire investor Stan Druckenmiller claimed that he owns Bitcoin. His statements counterbalanced the said downside risks.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Bitcoin recovered later into the day.

Uncertainty Remains

A vaccine that effectively cures coronavirus expects to remove the necessity of social distancing.

Therefore, it allows the sectors that rely on close physical interactions — airlines, travel, manufacturing, entertainment, etc. — to return to normal. The global economy has a better probability of rebounding faster as long as there is a shot available to curb COVID-19.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

A working vaccine also allows investors to reduce their appetite for riskier assets. It is the same reason why Gold, a safe-haven rival to Bitcoin, recorded its worst single-day decline on the day Pfizer claimed a successful trial. There was not a Stan Druckenmiller to save the precious metal.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT
Bitcoin chart showing its attempts to hold a price floor above $16,000. Source: BTCUSD on TradingView.com
Bitcoin is attempting to hold a price floor above $16,000. Source: BTCUSD on TradingView.com

Meanwhile, questions remain about the vaccine’s efficacy, cost, and distribution. The slower it reaches the people, the higher is the probability of investors to keep their one leg in safe-havens like gold and Bitcoin. The prospect of more stimulus from governments also makes them want to hold speculative assets over non-yielding cash or cash-based alternatives.

The Bitcoin market could expect to correct lower in the short-term as traders prepare their interim bearish positions against the vaccine outlook. Nevertheless, those with a long-term risk appetite could find the next dips as their opportunity to expand their cryptocurrency stocks.

Bitcoin Technical Outlook

The BTC/USD exchange rate is inside an overbought territory on its daily chart, thus bringing up another reason why the pair should correct lower — or at least, consolidate sideways above $16,000. Meanwhile, on a four-hour chart, BTC/USD is showing a bearish divergence.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT
Bitcoin shows bearish divergence on short-term charts. Source: BTCUSD on TradingView.com
Bitcoin shows bearish divergence on short-term charts. Source: BTCUSD on TradingView.com

That further amounts to a downside correction in addition to the said fundamentals and technicals above. But, according to Konstantin Anissimov, Executive Director at CEX.IO, the next big bearish move may take another two-three weeks to arrive. Excerpts from his statement to NewsBTC:

“It seems like BTC is poised for higher highs from a technical perspective. The Tom Demark (TD) Sequential indicator suggests that the cryptocurrency may continue to rise for another two to three weeks before a sell signal emerges. If this is the case, Bitcoin could rise to $19,000.”

Bitcoin was trading at $16,320 at press time, up more than 2 percent into the Monday session.

Tags: bitcoinbtcusdBTCUSDTcryptocurrencyvaccine
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Related Posts

Crypto starts week Positive, Bitcoin Bulls Prep For A Breakout

Bitcoin Dominance Remains High As Market Sell-Offs Settle

23 hours ago
Bitcoin Bearish Signal: Whale Ratio Continues To Stay At High Value

Bitcoin Bearish Signal: Whale Ratio Continues To Stay At High Value

1 day ago
bitcoin

Perp Traders Remain Quiet As Bitcoin Struggles To Hold $30,000

1 day ago
Bitcoin on-chain metrics

Bitcoin On-Chain Activity Throttled After LUNA Collapse

2 days ago
Bitcoin Consolidation Uninspiring, But Run To Near $33k On The Cards

Bitcoin Consolidation Uninspiring, But Run To Near $33k On The Cards

2 days ago
Bitcoin

Bitcoin Trading Volume Plummets Down From Recent Top

2 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Introducing Zenith.Finance, a dark-horse lending protocol crypto players should notice recently

May 27, 2022

An introduction to Capricorn.Finance

May 27, 2022

The Web3 community platform Mojor launched the alpha version

May 27, 2022

LBank Exchange Will List Value Interlocking Exchange Coin (VIC) on May 30, 2022

May 27, 2022

LBank Exchange Will List TEAK COIN (TEAK) on May 30, 2022

May 27, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Spin & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.