Cryptocurrencies

Bitcoin (BTC) November 9, 2020 – Road cleared for $ 20,000 – Cryptocurrencies

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Bitcoin (BTC) still fails to cross the $ 16,000 mark. He comes close without being able to crack them. The 15,000 USD holds up: the most patient will be entitled to the reward of 20,000 USD. The others prefer to line their pockets even if it means preventing Bitcoin from continuing its bullish rally.

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Causing the fall of the BTC by anticipating it

According to data from Glassnode, the quantity of Bitcoins transferred from mining pools to exchanges during the last 24 hours has exploded.

The 2-day moving average of the number of Bitcoins transferred is up 271.6%. The miners are pulling the price of Bitcoin down.

Bitcoin is trading over $ 15,400 as of today, November 9, 2020, as of this writing. The BTC has been going back and forth between $ 15,000 and $ 16,000 in recent days.

He slipped below $ 15,000 but the bulls seem to decide to defend this level for the moment.

Are miners really preparing to sell at the current level? Bitcoin must now continue its ascent to avoid a massive sell-off due to a FOMO – traders, investors could have a reflection of the type: it is better to sell now than when the BTC will drop, which could be done as he fails to cross the $ 16,000.

The short-termists and the impatient: OUT

The price of Bitcoin climbed to $ 15,800 today, before dropping 6%. The BTC then landed at the 14,800 USD level before rising above the 15,000 USD.

Minors are not the only ones responsible for this fall. The greenback is regaining color, which Bitcoin don’t like it.

Whales are starting to watch for levels near $ 16,000 to sell – FOMO obliges.

The hodlers of BTC long-termists, however, continue to hold their positions. The steps BTC Cleanse themselves of short-termists and impatient bitcoiners who don’t believe in a climb to $ 17,000 in the next few days or weeks, with $ 17,000 being a major step ahead of $ 20,000.

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The current fall in the price of BTC therefore makes it possible to strengthen the fundamentals of Bitcoin for a future conquest of 20,000 USD and more.

Now that the US election is over, will the dollar continue to appreciate? The challenge for the next few days for BTC: a successful consolidation above $ 15,000 to avoid the daily big red candlesticks despite the greenback’s attacks.

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