Categories: Bitcoin

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

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

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.

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”.

“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.

1-hour candlestick chart of the United States Dollar Currency Index (DXY). Source: TradingView

.

.

Coincu

Recent Posts

Crypto Industry Campaign Wins Overwhelming Victory With $135M Spent

The crypto industry campaign spent $135 million supporting over 50 U.S. election candidates in 2024,…

1 hour ago

Big Money Is Back in the Market: Here Are 3 Tokens They Are Heavily Buying

Major investors are heavily purchasing specific tokens they think have great development potential when huge…

2 hours ago

Your Guide to the Best Presale Cryptos to Buy in November 2024, Qubetics, Filecoin, and Litecoin Comparison

Crypto is still shaking up the financial world, and the latest players in this space…

3 hours ago

$115M Success Story – Once an Underdog Here’s How BlockDAG Has Gone a Leg Up Against Archrival Kaspa

Discover why BlockDAG (BDAG) is emerging as a strong competitor to Kaspa (KAS) with its…

4 hours ago

BitMart’s Customer-Centric Vision: Growing with Purpose

With financial inclusion and customer-first on top of mind, founded in 2018, BitMart is a…

5 hours ago

Why Do Analysts Believe This is the Best Crypto to Join Right Now? Top Coins Set to Explode!

Finding the best crypto to join right now can feel like searching for a gem…

5 hours ago

This website uses cookies.