Bitcoin Set to See More Bullish Rallies On Recent Moderna News

Bitcoin Set to See More Bullish Rallies On Recent Moderna News

Bitcoin (BTC) remains unrelenting in its quest to retake its all-time high. The benchmark cryptocurrency has recorded a new YTD high on the back of some positive news in the race to develop a COVID-19 vaccine.

Earlier today, Moderna Therapeutics (NASDAQ: MRNA), one of the leading global pharmaceutical companies, reported that its Coronavirus vaccine candidate showed a 94.5% effectiveness rate.

This news caused the equity markets to rally and helped BTC record a new yearly high around $16,800. At press time, the S&P 500 (SPX) is trading up by 0.73%, while the Nasdaq 100 (NDX) is up by 0.03%.

According to a CNBC report, the preliminary phase three trials show that the company’s vaccine has a 94% effectiveness in preventing the virus.

Meanwhile, this news is coming just a week after Pfizer announced the success of its vaccine trials as well.

It appears as though history is repeating itself with the vaccine news. When Pfizer made their vaccine success announcement last week, Bitcoin surged and recorded yearly highs upon yearly highs. However, it got followed by a sharp $600 decline.

That said, market participants will be watching to see if Bitcoin can sustain this momentum in the coming days.

BTCUSD – 4-Hour Chart

Key BTC Levels to Watch — November 16

BTC has maintained its bullish momentum despite the recent mild retracement to the $15,700 level. The cryptocurrency has regained its footing above our ascending trendline as we inch closer to the $17,000 resistance. We should expect a modest retrace to the lower-$16,000 area before we get a bullish continuation in the near-term.

Meanwhile, our key resistance levels are at $16,800, $17,000, and $17,500. While our key support levels are at $16,500, $16,000, and $15,700.

Total market capital: $475 billion

Bitcoin market capital: $311 billion

Bitcoin dominance: 65.4%

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.