{"id":113188,"date":"2020-11-16T20:56:54","date_gmt":"2020-11-16T17:56:54","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-hits-new-2020-high-at-16-7k-traders-expect-bigger-breakout\/"},"modified":"2020-11-16T20:56:54","modified_gmt":"2020-11-16T17:56:54","slug":"bitcoin-hits-new-2020-high-at-16-7k-traders-expect-bigger-breakout","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-hits-new-2020-high-at-16-7k-traders-expect-bigger-breakout\/","title":{"rendered":"# Bitcoin hits new 2020 high at $16.7K \u2014Traders expect bigger breakout"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3a665501fd2\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3a665501fd2\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-hits-new-2020-high-at-16-7k-traders-expect-bigger-breakout\/#Top_analysts_were_wrong_about_a_Bitcoin_correction\" >Top analysts were wrong about a Bitcoin correction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-hits-new-2020-high-at-16-7k-traders-expect-bigger-breakout\/#BTC_price_reacts_positively_to_todays_vaccine_breakthrough\" >BTC price reacts positively to today&#8217;s vaccine breakthrough<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin hits new 2020 high at $16.7K \u2014Traders expect bigger breakout <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>The price of Bitcoin (BTC) hit a new yearly high at $16,717 on Binance. Following the breakout, traders expect a larger rally to occur in the near term.<\/p>\n<p>There are several reasons why analysts expect a prolonged uptrend. First, Bitcoin cleanly broke out of $16,000, taking out the $16,473 peak achieved on Nov. 13. Second, there is a \u201csell-side crisis\u201d brewing as more BTC gets accumulated than mined. Third, BTC rallied despite indicators showing overbought signals.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/42cbd81a-e0d3-4d68-bc8c-e807f7f046ce.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour chart. Source: TradingView.com<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Top_analysts_were_wrong_about_a_Bitcoin_correction\"><\/span>Top analysts were wrong about a Bitcoin correction<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Earlier today, John Bollinger, a veteran trader and the creator of the Bollinger Bands indicator, said he was wrong about a Bitcoin correction.<\/p>\n<p>On Nov. 10, Bollinger said Bitcoin is showing a \u201cshort-term topping pattern.\u201d At the time, Bollinger was unsure whether this would lead to a correction or consolidation, but he said he expected the market to cool down.<\/p>\n<p>A number of analysts expected Bitcoin to slump, especially as it nears the weekly candle close. Yet, BTC continuously rallied, seeing intensifying momentum. Bolinger <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/bbands\/status\/1328370363177201679\">said<\/a>:<\/p>\n<blockquote><p>\u201cLooks like I was wrong about the chance of a correction, all we got was a bit of consolidation and then back to the races. $btcusd Broken setups like this are signs of strength so currently the path of least resistance is higher. #BTC\u201d<\/p><\/blockquote>\n<p>Derivatives traders have also pointed to the declining Bitcoin supply leading to a sell-side crisis. This trend might be causing BTC to rally even as it tests major support levels.<\/p>\n<p>A pseudonymous futures and options trader known as \u201cLight\u201d said around 3,000 BTC have been withdrawn daily since BTC hit $10,000. This trend shows that the demand for Bitcoin is high and miners are refusing to sell BTC, which is optimistic for BTC. The trader <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/lightcrypto\/status\/1328376070714769417\">said<\/a>:<\/p>\n<blockquote><p>\u201cNow at $16,600 from $11,000. Since the break of $10,000, ~3000 BTC has been withdrawn net DAILY from the main BTC centralized exchanges&#8230; Miners refuse to sell their recently halved rewards in the face of demand and are comfortably above break-even.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"BTC_price_reacts_positively_to_todays_vaccine_breakthrough\"><\/span>BTC price reacts positively to today&#8217;s vaccine breakthrough<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>On Nov. 12, when Pfizer announced a highly effective vaccine for the coronavirus, the price of Bitcoin crashed by nearly 3% in a few hours.<\/p>\n<p>This time, following the <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/health-54902908\">release<\/a> of Moderna\u2019s highly anticipated vaccine results, Bitcoin has actually increased by nearly 5%. In the same period, gold has struggled, gaining a mere 0.17%.<\/p>\n<p>But traders say that if Bitcoin drops as it did on Nov. 12, then it would present a \u201cdip-buying\u201d opportunity. A popular crypto trader known as &#8220;Hsaka&#8221;\u00a0<a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/HsakaTrades\/status\/1328317217704796167\">said<\/a>:<\/p>\n<blockquote><p>\u201cLast time we had vaccine <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> $BTC followed stonks on the initial uptick, but ultimately succumbed to golds trickle down. Prolly a dip worth buying if history repeats and the opportunity presents itself.\u201d<\/p><\/blockquote>\n<p>The combination of technical momentum, a sell-side crisis and the sheer momentum of the rally is causing BTC to stay stable above $16,000. Considering that BTC has not dipped quickly after its upsurge, there is a strong argument to be made that $16,000 is turning into a reliable support area.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener noreferrer\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-hits-new-2020-high-at-16-7k-traders-expect-bigger-breakout\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin hits new 2020 high at $16.7K \u2014Traders expect bigger breakout &#8221; The price of Bitcoin (BTC) hit a new yearly high at $16,717 on Binance. Following the breakout, traders expect a larger rally to occur in the near term. There are several reasons why analysts expect a prolonged uptrend. First, Bitcoin cleanly broke&#8230;<\/p>\n","protected":false},"author":1,"featured_media":113189,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/a7b9d0e5-1173-4225-9957-1386aafea70b.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74863,75150,73785],"class_list":["post-113188","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-cryptocurrencies","tag-market-update","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/113188","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=113188"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/113188\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/113189"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=113188"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=113188"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=113188"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}