Wall Street pumps following vaccine news while Bitcoin struggles

Bitcoin fails to follow stock market rally as US biomedical firm Moderna, announces COVID-19 vaccine tests were fruitful

US firm Moderna has announced that its coronavirus vaccine tests have shown some signs of success in patients who took part in the trials. The good news appears to have kick-started appetite for risk, as Wall Street saw gains on all major stock indexes.

However, Bitcoin appears not to have followed the stock markets in reacting to the news by continuing to hold within a tight range between $9,000 and $9,200. Several altcoins are also trending green this Wednesday, led by gains for Chainlink, Ontology and Waves.

Massive upticks in altcoin prices have also seen the market dominance of Bitcoin cut to its lowest levels since early 2019.

Bitcoin currently trades at around $9,230, just 0.3% up on the day to see market dominance stay at 62.5%.

Is Bitcoin decoupling?

Currently, it’s too early to say if Bitcoin is charting a separate trading trajectory that diverges from the stock market.

‘Decoupling,’ however, is likely taking shape given stocks jumped during Tuesday’s trading session, while Bitcoin remained firmly restricted at $9,200 after running into rejection at $9,285.

Over the past 24 hours, Bitcoin has sunk to a low of $9,149, suggesting prices could yet dip below $9,000. Low volatility, as indicated by the squeeze of the Bollinger Bands, means the lull is likely to turn negative.

The indicator’s previous squeezes have resulted in significant price moves, with investors now facing a potential 30% downturn — according to prominent trader, Josh Rager.

BTC/USD price chart showing Bollinger bands are getting tighter. Source: TradingView

If that happens, bulls will have to aggressively defend the $9k level to prevent a decline to previous support at $8,600-$8,400.

Chart showing Bitcoin price swings after volatility hit record lows. Source: Twitter

Holding the current support level is key for bulls, but as per the chart above, incoming volatility could push prices in either direction.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

For a Hedge Against Inflation - Click the Rocket!

E-Crypto News Executive Interviews

Blockchain/Cryptocurrency Questions and Answers

Stressed about crypto
The Worst Places in the World to Buy and Hold Crypto
January 27, 2023
What Are Crypto Index Funds?
What Are Crypto Index Funds?
January 19, 2023
money
Can You Make Money Anymore With Crypto in 2023?
January 13, 2023
What Is Stagflation And How Does It Affect The Crypto Markets?
What Is Stagflation And How Does It Affect The Crypto Markets?
January 12, 2023
passive crypto
How To Minimize Risks When Investing in Crypto
December 28, 2022

Automated trading with HaasBot Crypto Trading Bots


CryptoCurrencyUSDChange 1hChange 24hChange 7d
? --- 0.00 % 0.00 %

bitcoin
Bitcoin (BTC) $ 23,192.21
ethereum
Ethereum (ETH) $ 1,596.90
tether
Tether (USDT) $ 1.00
usd-coin
USD Coin (USDC) $ 1.00
bnb
BNB (BNB) $ 308.69
xrp
XRP (XRP) $ 0.412862
binance-usd
Binance USD (BUSD) $ 1.00
cardano
Cardano (ADA) $ 0.387201
dogecoin
Dogecoin (DOGE) $ 0.088915
matic-network
Polygon (MATIC) $ 1.14