Bitcoin traders are thrilled to see the digital gold hit a new all-time high for this year and the past three years. Many have taken to their social media accounts to show how delighted they are to see the long-awaited promise fulfilled.
As much as many keep celebrating, some are still unaware of what fueled the surge in the price of BTC. Traders are the main drivers of the market, and without them, the market will not function. In a recently published analysis, we predicted that there would be more influx of traders to the crypto market as a result of the uncertainty in other financial markets.
The news of the COVID-19 vaccine caused gold to drop in value a few minutes after the information went viral. More traders to the crypto market will mean that more bulls will be present, more bull, more bullish trend. In other words, bullish traders (new to crypto and existing) are the primary fuel to the landmark victory by BTC we see today.
The struggle to flip the $16,000 resistance is an unforgettable one. After multiple trials, the resistance gave way. BTC first tried testing the resistance level on November 11 when it got as high as $15,894 but failed. The cryptocurrency tested it a few minutes later and got as high as $15,954, but all was futile.
BTC testing the $16,000 resistance level is different because it flipped and only did the $16,000 resistance level flip, the $16,100 also flipped. It all happened so fast that it took less than five minutes for the real action to unfold between $16,000 and $16,150.
At the time of writing, traders are selling off their BTC (the ones bullish traders are now bearish). The result of the sell-off is that prices are dropping at an alarming speed. $15,893 is the current price of the coin. Some traders are bullish, and some are bearish, this has led to a struggle in the price of BTC.
At the current price of bitcoin, traders can expect to see prices still struggling between $15,600 and $16k. But with the increase in bearish traders, BTC will soon drop in value when it experiences a massive sell-off: traders are getting really greedy.