Bitcoin hits 6-week lows in several hours, while 24-hour crypto liquidation approaches 650 million

November 26, 2021 - Around 2 mins mins to read

Bitcoin (BTC) loses nearly $ 5,000 in just one day on November 26th as the bulls face renewed disappointment.

Bitcoin hits 6-week low in hours, while 24-hour crypto liquidation is $ 650M 7. approaching — BTC / USD 1-hour candlestick chart (Bitstamp). Source: Tradingv

Bitcoin targets $ 54,000

Data from Cointelegraph Marketplaces Pro and TradingView follows BTC / USD as it headed to $ 54,000 at press time amid intense volatility.

Owners saw massive selling pressure after hitting $ 60,000 late Thursday, but the most recent attempt to break the resistance ended in a pullback.

Hours later, Bitcoin is back at its lowest level since mid-October, strongly justifying those who argue that the current breakout from the uptrend is not over yet.

“Not quite there, but hopefully soon,” analyst Willy Woo speak for an indicator that indicates an impending – but not imminent – event that is getting back into shape.

Bitcoin hits 6-week lows in hours as 24-hour crypto liquidation approaches $ 650 million — *Liquidation diagram for cryptocurrencies. Source: Coinglass*

However, anyone too enthusiastic to bet on the end of the corrections will feel the pain on Friday as 24-hour cryptocurrency liquidations topped $ 630 million.

However, not everyone was surprised or even confused by the event. Cointelegraph employee Michaël van de Poppe describes the current price movement as “beautiful”.

Nice price promotion #Bitcoin. I love it.

– Michaël van de Poppe (@CryptoMichNL) November 26, 2021

“Many pumps in all markets are being completely retested,” he added on Twitter comments ahead of a new market update.

US dollar reverses momentum

Altcoins have not responded well to Bitcoin’s decline, with many major tokens outperforming BTC against the US dollar in terms of losses.

Related: Bitcoin bulls have to be very grateful even though BTC “likely” won’t hit $ 98,000 in 5 days

Ether (ETH) is down 5.8% compared to Bitcoin’s 4.8%, while others are down almost 10% from spot prices that day.

Van de Poppe advised traders not to “chase” altcoins as the market shows that repeated volatility remains an important short-term characteristic.

With this in mind, the US dollar has finally appreciated, ending a winning streak in which the US dollar currency index (DXY) has reached its highest level since June 2020.

While Bitcoin has traditionally been negatively correlated, it looks more like an imitation as DXY has targeted 96 in support.

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