Recent Ground-Breaking Pfizer Announcement Causes BTC Bulls to Go into Defense

Recent Ground-Breaking Pfizer Announcement Causes BTC Bulls to Go into Defense

It appears that volatility has seeped back into the cryptocurrency market. In today’s session, Bitcoin (BTC) has gained and lost about $600 within just a few hours apart. This spike occurred on the back of the recent announcement by Pfizer, one of the largest drugmakers in the world, that they have successfully gotten a 90% prevention efficiency rate in their vaccine candidate.

The past few weeks have been a very interesting one for the benchmark cryptocurrency as it managed to touch $16,000 briefly for the first time in several years.

It seemed like today’s was going to help the cryptocurrency break above the level and record a new YTD high. However, this rally was cut short by the new vaccine development.

Pfizer announced in the early hours of Monday that 90% of its COVID-19 test subjects, were protected from the virus 28 days after exposure to it.

The Chairman of the company, Dr. Albert Bourla, expressed his joy over the positive development saying that “it was a great day for science and humanity.” He added that with today’s development, Pfizer has gotten closer to providing the much-needed relief to help eradicate the prevailing global health crisis.

The news significantly boosted the global market risk tone, as major indexes across the globe saw massive spikes on the break of the news.

Meanwhile, Bitcoin has maintained its market dominance over the past 24 hours, indicating that altcoins have failed to make any significant strides upwards.

BTCUSD – 4-Hour Chart

Key BTC Levels to Watch in the Near-Term — November 9

The recent dip sent BTC down to the $14,800 area, where it was strongly rescued by some dip-buying. At press time, the cryptocurrency is struggling to get back above $15,205 resistance as bullish strength fades. Failure to securely break above this level could cause Bitcoin to drop to the $14,500 mark where our ascending trendline currently resides.

Total market capital: $438 billion

Bitcoin market capital: $282 billion

Bitcoin dominance: 64%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.