Bitcoin November 22, 2021 – The $ 55,000 Trap

Less 5% on MondayBitcoin (BTC) is he likely to close again this week in the red? He must now break the resistance of $ 60,000 to reverse a downtrend that seems to have taken hold in the short term.

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Bitcoin at $ 61,000: for a return of the bulls

Bitcoin a touched the $ 60,000 over the weekend. He starts the week with a red daily candlestick. Bitcoin is trading at $ 55,797 at the time of writing, and is currently saving a daily loss of 5.30%.

The $ 60,000 – $ 61,000 appears to be become a resistance for bitcoin. For trader Michaël van de Poppe, today’s decline corresponds to a correction which “is still in progress and it is quite normal”. He adds, however, that “as long as bitcoin stays below $ 60,000, there is no reason to go bullish ».

The Pentoshi trader, for his part, estimates that a bitcoin above $ 61,000 would sign a “return of the bulls”. Trader Rekt Capital has underline meanwhile, the need for “prolonged consolidation” or “deep fixes” for bitcoin so that it can ” extend the time spent in a Bull Run ».

Publication de Pentoshi – Source : Twitter

Bitcoin in the red: the fault of the Fed and the dollar?

Today is strongly bearish for bitcoin as the S&P 500 hits a new all-time high. This good performance of the S&P 500 comes at a time when Joe Biden has renewed the mandate of Jerome Powell who is therefore reappointed as chairman of the American Federal Reserve (FED).

The news also appears to have benefited the US dollar (DXY) which reached highest since July 2020. The markets have once again validated the negative correlation observed historically between the price of bitcoin and the dollar.

Are the declines recorded by bitcoin during the last few days only a pause, market decompression necessary for the continuation of the bull run, or have we finally reached the peak for this cycle? The speeches of traders are more cautious in the short term. Winning back the $ 60,000 would restart the bull run.

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