Bitcoin rebounded to $15,333 by Monday's close after dipping to $14,895 in morning trading. Pfizer announced its vaccine trials showed 90% effectiveness against COVID-19, spurring a market rally with the Dow up 2.95% and the S&P 500 up 1.17%. But investors pulled back when the company disclosed the vaccine won't arrive until 2021.
A key fundamental indicator suggests Bitcoin's rebound to $16,000 is imminent
Bitcoin rebounded to $15,333 by Monday's close after dipping to $14,895 in morning trading. Pfizer announced its vaccine trials showed 90% effectiveness against COVID-19, spurring a market rally with
Key Points
- Bitcoin rebounded to $15,333 by Monday's close after dipping to $14,895 in morning trading.
- Pfizer announced its vaccine trials showed 90% effectiveness against COVID-19, spurring a market rally with
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The rebound left bitcoin 0.95% below its Monday open. Trading above $15,427, the token has remained near this level all week.
Technically, bitcoin has formed an ascending triangle where prices oscillate between a rising base and a flat top. The asset bounced off the triangle's floor at $14,351 on November 7 and again at $14,895 yesterday. If the price breaks above this pattern, it could reach $16,600 based on the triangle's height. Traders watch $16,000 as the next resistance, with support coming into play at $14,000 if the price drops below $15,000.
CryptoQuant CEO Ki-Young Ju pointed to a metric that shows strong buy signals. The "All Exchange Inflow Mean" tracks when capital enters exchanges. When the 7-day moving average of this gauge breaks out, major bitcoin rallies have historically followed. Traders call this the "buy the dip" strategy. The indicator now reads as a strong buy, suggesting bitcoin could climb toward $16,000 in the near term.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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