Bitcoin is offering ‘Black Friday Deal’ with BTC price under $ 55,000 – like 202

Analysts argue that Bitcoin (BTC) may be down 20% from its all-time high, but this is a golden opportunity to “buy”.

Black Friday lives up to its name in cryptocurrency this year as both Bitcoin and many altcoins trade at six-week lows.

Doubt on the floor $ 53,000

After an overnight sell-off due to a falling US dollar and macro markets rocked by a new variant of coronavirus, BTC / USD is trading around $ 54,000.

However, with mainstream media highlighting the decline, others aren’t concerned – current price is likely to offer a golden entry point.

#BTC Black Friday offers pic.twitter.com/TqTcQEzfqG

– Materials scientist (@Mtrl_Scientist) November 26, 2021

Others poked fun at a sensational Bloomberg article in which the publication initially claimed that Bitcoin had “entered a bear market.”

On short-term goals, popular trader and podcast host Scott Melker has warned against moving on with the herd in hopes of even lower purchases.

grandfather tweeted.

“The crowd rarely gets what they want.”

As a sign that the sale may not be complete, stock exchanges’ funding rates have still risen despite nearly $ 700 million in 24-hour liquidations.

Do you remember last Black Friday?

Melker, meanwhile, also pointed to an unusual correlation between the US dollar and Bitcoin thanks to the virus shake-up.

Related: Bitcoin Hits 6 Week Low In Hours While 24 Hour Crypto Liquidation Is $ 650M. approaching

As Cointelegraph often notes, Bitcoin tends to have an inverse correlation with the USD, which then saw a long streak of victories on Friday.

However, unable to harness the strength of Bitcoin, the largest cryptocurrency fell by both macro markets and the US dollar currency index (DXY).

Dollar down, gold up, bitcoin down, stocks down.

Good luck in dealing with that relationship today.

– The wolf of all streets (@scottmelker) November 26, 2021

Ahead of further losses for Bitcoin is the massive block of buyer support at $ 53,000 – close to the range that corresponds to Bitcoin’s market cap of $ 1 trillion.

Meanwhile, the historical data serves as a timely reminder that Black Friday bargains are a common theme for Bitcoin.

At the end of November 2020, BTC / USD fell to around $ 16,400 – only to level off further and hit $ 20,000 for the first time in three years.