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In a typical move, Sunday’s losses are wiped in an instant, but Bitcoin price action remains below $60,000.
On Nov. 22, Bitcoin (BTC) held true to form, with a rapid jump one hour before the Wall Street opening bell.
Skittish Bitcoin darts around below $60,000
Data from TradingView followed BTC/USD as it rose almost $3,000 in minutes after hitting multi-day lows of $56,640 on Nov. 22.
The pair had seen strong rejection after briefly breaking the $60,000 mark, this now clearly acting as resistance and a critical level to break in order to continue the bull run.
As Cointelegraph reported, opinions continue to favor a return to full-on gains for Bitcoin, albeit with the specter of missing the predicted “worst-case scenario” monthly close by a considerable margin looming in the background.
“The two most effective ways for BTC to prolong the amount of time it spends in a Bull Run is either via extended consolidation… Or via deep corrections,” Rekt Capital summarized on the day.
Cointelegraph contributor Michaël van de Poppe meanwhile argued that it would even be healthy for Bitcoin to continue its consolidation for the rest of 2021.
Would be beautiful to have #Bitcoin consolidating/going sideways for coming weeks.
Next big run in Q1 2022 together with a massive #Altseason.
— Michaël van de Poppe (@CryptoMichNL) November 22, 2021
“Right now, in the recent price movements, Bitcoin’s price has shown a rejection of the exact same level as the red zone couldn’t break upwards. This red zone is the $60,000 resistance area to breakthrough,” he added alongside a chart as part of his latest newsletter.
“Right now, Bitcoin’s price action is rejecting heavily from that region, resulting in a breakdown of the price towards the support levels, once again. In that way, as long as Bitcoin stays beneath $60,000, there’s no reason to become bullish.”
Bitcoin was trading about $59,000 at the time of writing, with unpredictable behaviour continuing following the run-up.
Powell is expected to keep his job as chairman of the Federal Reserve.
In a daily market with little in the way of remarkable performance from any token, Bitcoin survived uninjured.
For the second day in a row, the top 10 cryptocurrencies by market cap were virtually unchanged, with only Solana (SOL) witnessing notable increases of little over 5%.
On the macro leve, news that U.S. President Joe Biden had picked Jerome Powell to serve another term as Chair of the Federal Reserve lifted bond yields.
The U.S. dollar currency index, already at highs not seen in over a year, continued higher, passing 96.3.