Consecutive Bitcoin (BTC) surges reaching $ 15,840 brought joy among investors in the asset before witnessing a sharp decline to $ 14,8000.
Based on the charts displayed, the asset declined 6% after just 5 hours of reaching the latest highs, due to three main factors:
Effectiveness of Pfizer Vaccine
The vaccine from Pfizer and BioNTech was found to be 90% effective in preventing COVID-19 infection during the Phase 3 trial.
The news led to a sharp decline in Bitcoin and gold in contrast to the surge in stocks and the United States (US) dollar.
Biggest Investor Sells BTC
This decline led to the phenomenon of Bitcoin sales especially among the largest investors of the asset. At the same time, retail investors choose to keep the assets.
Among the reasons for the sale of BTC when the price reached $ 15,800 is because the main resistance zone is below the important level of $ 16,000. If the asset manages to break through that level, it is not impossible that BTC will be in the top position for a long time.
Long-term Investors Still Survive
Although the market is currently volatile, long-term investors remain confident with the asset.
Previously short-term holders maintained a positive ratio for a period of six months and soared from neutral levels again. If this level of support is maintained, it is a sign that the BTC price will continue to soar.
At the time of writing, the price of bitcoin has recovered by an increase of 0.3% to $ 15,394.
