Bitcoin was on the move earlier today before bears came into action once again to deny it a relatively high close. The largest digital currency by market capitalization remained stuck below $65k for most of the last 5 days but tried to break free with this move earlier today but that didn’t last long.
Bitcoin started slow earlier in the day as the index started at around $63.5k and traded sideways for a few hours. However, around midnight, the digital asset began to post a steep rise. The digital currency first rose above $65k and then made it above $66k as well within just a few hours. The highest valuation it achieved during this time was around $66.3k but things didn’t continue on forwards as bulls would have hoped. After trading sideways for a long time, Bitcoin began to slowly come down to its starting line. At press time, it has returned to around $64k, thus nullifying much of the earlier uptick from today.
While the end of today’s trading session was rather disappointing for the bulls, traders believe that there is a lot of long-term potential for the digital currency going forwards. According to popular analyst Michael Van de Poppe, today’s rally fell short and thus couldn’t become a catalyst for the bullish cause.
He said:
“Clear bullish breaker if Bitcoin breaks above $66.4K–$66.8K.”
On-chain analytics also jumped in and said that the market was still going strong and there was no rush from users to liquidate their Bitcoin holdings. Comparing it to the frenzy of early 2021, there are a lot of positives out there and investors are holding on to long-term positions. de Poppe tweeted:
SOPR:
These on-chain daily p/l levels are so low. Yesterday was close to negative again. We are far from the overheated levels that you see on left-hand side of chart.
With funding pretty flat too, probably not much longer before we start meaningfully trending up again. pic.twitter.com/0M03t9eNql
— Philip Swift (@PositiveCrypto) November 15, 2021
Stock market’s darling Tesla (TSLA) took a dip once again as Elon Musk stated that he might sell more stock in the near future. Overall, TSLA lost around 4% till press time as it came down below $ trillion valuation again. On a weekly basis, Tesla has lost around 34%. Bitcoin is now worth quite a bit more than Tesla, whom it overtook just last week. The cryptocurrency’s total market cap is around $1.2 trillion despite falling from its relative highs itself. Elon Musk is trying to bring the Tesla stock down as it is is often hyperbolic and he secretly fears that a bloated market cap might add undue pressure on the young EV manufacturer. His 20% or so shares in the company means that he can sway the market easily.
However, that is very difficult to achieve in the crypto sector as none of the big players have control over this much Bitcoin and whatever the biggest players have, doesn’t belong to them. This is a positive side of the crypto sector that makes such pro-trust like moves virtually impossible.\
Image Source: Quoteinspector.com
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