Bitcoin reverses ‘bear market’ at $53.5K as Pfizer gains on fresh panic over coronavirus ‘Nu’ variant

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Bitcoin (BTC) recovered some of its losses with the opening of Wall Street on November 26 after concerns over a new COVID-19 variant triggered global sales.

1-hour candlestick chart BTC / USD (bit stamp). Source: TradingView
Pfizer wins in the midst of the spread of coronavirus panic
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD fell to just over $ 53,500 on Bitstamp.

The pair then added nearly $ 1,500 when a certain sense of balance returned to the crypto markets, trading at around $ 54,400 at the time of writing.

Both cryptocurrencies and traditional assets have been hit hard at the time of the proliferation of a new COVID-19 variant called “No”, which some parties believe could pose a problem for vaccination programs.

Pfizer, one of the largest manufacturers of COVID-19 vaccines, clearly reflected the downward trend in the market, climbing 7% when it opened on Wall Street. On the other hand, the S&P 500 fell 1.5%.

Hourly candlestick chart from Pfizer (NYSE). Source: TradingView
What will be known to those who witnessed the events of March 2020, Bitcoin has dropped its asymmetric investment characteristics to match both stocks and the US dollar.

The fall below $ 54,000 was accompanied by a well-known set of concerns from sources, including mainstream media, when CNBC joined Bloomberg, claiming that bitcoin had “entered the territory of the bear market.”

“Let’s see how the daylight shuts down,” said a trader and analyst at Rekt Capital cautiously about the impact of today’s move on Bitcoin’s long-term outlook.

The BTC transaction volume is record high
However, there is still little sign of a real bearish trend among cryptanalysts and other longtime participants.

Related: Bitcoin offers “Black Friday Deal” for less than 55K BTC – Just like 2020

“Mass adjustments = huge shopping opportunities,” summed up Cointelegraph contributor Michael van de Poppe.

Although we have not seen the lowest November 26 since mid-October, the overall performance of Bitcoin’s fourth quarter remains not only profitable, but in line with previous bull market years.

Meanwhile, in the midst of the spot price panic, data showed that November 25 was the day with the highest transaction volume on the chain in bitcoin history.

“Bitcoin hit another all-time high in transaction volume yesterday with a stable value of $ 36.5 billion across the chain,” commented researcher Kevin Rook.

Source: CoinTelegraph

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