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.

Coinbase 4

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.

Wall Street pumps following vaccine news while Bitcoin struggles 1
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.

Wall Street pumps following vaccine news while Bitcoin struggles 2
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.

Wall Street pumps following vaccine news while Bitcoin struggles 3
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bitcoin
Bitcoin (BTC) $ 41,603.00
ethereum
Ethereum (ETH) $ 2,463.23
tether
Tether (USDT) $ 0.998285
binance-coin
Binance Coin (BNB) $ 333.12
cardano
Cardano (ADA) $ 1.31
xrp
XRP (XRP) $ 0.752829
dogecoin
Dogecoin (DOGE) $ 0.210436
usd-coin
USD Coin (USDC) $ 0.999681
polkadot
Polkadot (DOT) $ 16.41
binance-usd
Binance USD (BUSD) $ 0.999884
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 41,603.00
ethereumEthereum (ETH)
$ 2,463.23
tetherTether (USDT)
$ 0.998285
bitcoin-cashBitcoin Cash (BCH)
$ 544.95
litecoinLitecoin (LTC)
$ 143.76
bitcoinBitcoin (BTC)
35.041,17
ethereumEthereum (ETH)
2.074,72
tetherTether (USDT)
0,840830
bitcoin-cashBitcoin Cash (BCH)
459,00
litecoinLitecoin (LTC)
121,09
bitcoinBitcoin (BTC)
29,800.02
ethereumEthereum (ETH)
1,764.40
tetherTether (USDT)
0.715067
bitcoin-cashBitcoin Cash (BCH)
390.34
litecoinLitecoin (LTC)
102.97

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin41,575 0.44 % 7.29 % 24.27 %
Ethereum2,456.9 0.35 % 4.99 % 16.05 %
Tether1.000 0.21 % 0.05 % 0.20 %
Binance Coin332.16 0.23 % 7.32 % 11.60 %
Cardano1.310 0.78 % 3.82 % 8.75 %
XRP0.7517 0.17 % 4.07 % 23.34 %
Dogecoin0.2095 0.70 % 4.34 % 8.18 %
USD Coin0.9992 0.13 % 0.05 % 0.16 %
Polkadot16.31 0.80 % 11.31 % 22.15 %
Binance USD0.9984 0.18 % 0.05 % 0.56 %

bitcoin
Bitcoin (BTC) $ 41,751.00
ethereum
Ethereum (ETH) $ 2,596.14
tether
Tether (USDT) $ 0.999952
binance-coin
Binance Coin (BNB) $ 342.45
cardano
Cardano (ADA) $ 1.37
xrp
XRP (XRP) $ 0.768678
dogecoin
Dogecoin (DOGE) $ 0.218307
usd-coin
USD Coin (USDC) $ 1.00
polkadot
Polkadot (DOT) $ 18.37
binance-usd
Binance USD (BUSD) $ 1.00