Bitcoin (BTC) dropped nearly $5,000 in one day on November 26 as the bulls faced fresh disappointment.
1 hour BTC/USD light chart (bit print). Source: TradingView
Bitcoin targets $54,000
Follow Cointelegraph Markets Pro and TradingView BTC/USD data as it is close to $54,000 at the time of writing amid strong volatility.
Shareholders faced strong selling pressure after reaching the $60,000 distance late Thursday night in the latest attempt to defeat the opposition, which ended in retreat.
A few hours later, Bitcoin reverted to its lowest point since mid-October, which certainly justifies those who assumed that the current bullish breakout was not over yet.
“Not quite, but hopefully soon,” analyst Willy Wu said of an indication of an incoming – but not immediate – return to form.
Cryptographic filter scheme. Source: Coinglass
However, anyone betting too zealously that the corrective action was over felt pain on Friday when the 24-hour cryptocurrency liquidation topped $630 million.
However, not everyone was surprised or surprised by the events. Cointelegraph author Michael van de Poppe called the current pricing campaign “beautiful.”
“Many pumps in the markets can be fully tracked,” he added in a Twitter comment prior to the new market update.
Reverse rise in the US dollar
Altcoins have not responded well to Bitcoin’s drop, and many large coins have outperformed BTC against the US dollar in terms of losses.
Related Topics: Bitcoin Bulls Have Lots to Grab Even though BTC Drops Below $98K in 5 Days
Ether (ETH) is down 5.8% compared to Bitcoin by 4.8%, while others are removed from the spot price by 10% on the same day.
Van de Poppe advised traders not to “chase” altcoins as markets showed that frequent volatility remains a key feature in the short term.
In the background, the US dollar finally started to weaken, ending the streak of gains that saw the US Dollar Index (DXY) reach its highest level since June 2020.
While it has traditionally been inversely correlated, Bitcoin looked more like wishful thinking as DXY targeted the 96 support.