Bitcoin Price Analysis — November 10

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RESULTS

Bitcoin (BTC) went into a frenzy yesterday, following positive developments of a possible COVID-19 vaccine. However, the benchmark cryptocurrency’s volatility appears to have calmed down and was last spotted trading around the $15,300 area. Volatility in the altcoin market has also been stabilized over the past 24 hours.

BTC showed immense strength throughout last week, as it recorded a new YTD high near $16,000 on Friday. However, it was quick to shed most of its gains as it fell to the lower-$14,000 just a few days later.

The volatility got heightened even further as Pfizer, one of the world’s leading drugmakers, announced that its COVID-19 vaccine candidate recorded a 90% success rate in its trial cases. Consequently, BTC alongside tech stocks like ZOOM (NASDAQ: ZM), PayPal (NASDAQ: PYPL), and DocuSign (NASDAQ: DOCU) saw significant losses.

In other news, a popular Bitcoin analyst, Josh Rager, explained that the cryptocurrency has historically headed towards significant surges whenever it closed higher than the previous monthly high. That said, he projects that BTC could see a 1,000% price surge soon if it closes this month at or above its current price.

Should Rager’s prediction come to pass, we could see Bitcoin rally to the six-digit price range, i.e $170,000, in the coming months.

Key BTC Levels to Watch in the Near-Term — November 10

Bitcoin has been struggled to gain any significant momentum over the past 24 hours as it trades within a tight range between $15,500 and $15,200.

The cryptocurrency has now traded slightly above the $15,205 support for an extended period, indicating that it is running out of bullish momentum. That said, we could expect to see price retrace to the lower-$14,000 area once again. Subsequent failure to pick up bullish momentum could send BTC lower.

Nonetheless, a break above the $16,000 mark will replenish the cryptocurrency’s bullish bias.

Total market capital: $443 billion

Bitcoin market capital: $28 billion

Bitcoin dominance: 63.8%

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