Bitcoin (BTC) held true on November 22, when it rose sharply an hour before the opening of the Wall Street Hour.
1 hour BTC/USD light chart (bit print). Source: TradingView
Bitcoin Hot Drops Below $60,000
Cointelegraph Markets Pro and TradingView data followed BTC/USD as it surged nearly $3,000 in minutes after hitting a multi-day low of $56,640 on November 22.
The pair faced a strong rejection after briefly breaking the $60,000 barrier, which is now clearly acting as resistance and a critical breakout level for the upside continuation.
According to a Cointelegraph report, opinions remain in favor of a return to full profit for Bitcoin, albeit with the ghostly absence of an expected “worst case” month-end close with large margins looming in the background.
Rect Capital concluded that “the two most effective ways for bitcoin to extend time spent in an upward movement are either an extended consolidation… or a deep correction.”
Meanwhile, Cointelegraph contributor Michael van de Poppe argued that it would be beneficial for Bitcoin to continue to consolidate until the end of 2021.
“Currently, in the recent price action, bitcoin price has shown a deviation from exactly the same level that the red zone was unable to break. This red zone represents the $60,000 resistance zone against the breakouts,” he added alongside the chart as part of his recent newsletter.
“Currently, the Bitcoin price movement is deviating significantly from this area, which again causes the price to fall against the support levels. As long as Bitcoin remains below $ 60 thousand, there is no reason to be optimistic.”
At the time of writing, Bitcoin is trading at $59,000 and behaving erratically, continuing after takeoff.
Powell will remain Fed leader
Thus, Bitcoin has escaped unscathed in the daily market and has seen poor or no performance of any token.
RELATED: $60K Becomes Resistance – 5 Things to See in Bitcoin This Week
The top ten cryptocurrencies by market capitalization were virtually unchanged for the second day in a row, with Solana (SOL) showing notable gains of just over 5%.
DXY light 1 hour chart. Source: TradingView
On the macro level, news has emerged that US President Joe Biden has elected Jerome Powell to a new term as Chairman of the Federal Reserve Board, Bond Yields.
The US dollar currency index, which has already reached peak levels not seen in more than a year, continued its rally and surpassed 96.3.