Black Friday repeats itself and results in over $ 760 million being liquidated, but could be a good entry point for Bitcoin

Bitcoin lost on November 26th. Nearly $ 5,000 in just one day, which made the already frustrated bulls even more frustrated.

BTC / USD 1-hour chart | Source: TradingView

Bitcoin to $ 54,000

According to TradingView data, at press time, BTC is headed for $ 54,000 amid intense volatility.

Owners put pressure to sell after prices hit $ 60,000 late Thursday – but a recent attempt to break resistance failed miserably.

Hours later, Bitcoin returned to its lowest level since mid-October, confirming those who believe the current breakdown from the uptrend is not over yet.

Not quite there yet, but hopefully soon. Waiting for the pink dotted line to do the thing bent up. pic.twitter.com/JBuCe876t5

– Willy Woo (@woonomic) November 25, 2021

“Not quite there, but hopefully soon. Wait until the pink dotted line goes up. “

But anyone who over-bet on corrective action felt the pain on Friday as 24-hour cryptocurrency liquidations topped $ 764 million.

Cryptocurrency Liquidation Diagram | Source: Coinglass

Black Friday repeated

Analysts argue that Bitcoin may be 20% below its all-time high, but this is a golden opportunity to “buy the dip”.

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

However, with mainstream media pointing to the decline, others are not affected – current prices are said to be a golden entry point.

#BTC Black Friday Offer???? pic.twitter.com/TqTcQEzfqG

– Materials scientist (@Mtrl_Scientist) November 26, 2021

Analyst Michael van de Poppe Call The current price campaign is “nice”.

“The nice price action from Bitcoin. I love it. Many pumps in the markets have withdrawn completely. “

Many people Ridicule a sensational Bloomberg article in which the publication claimed Bitcoin “entered a bear market”.

When it comes to short-term goals, popular trader and podcast host Scott Melker predicts even lower entry levels.

“We all seem to want to see $ 53,000, which usually means we run ahead at $ 53,500 or the price goes up right away. The masses rarely get what they want, ”he tweeted.

As a sign that the sale is not yet complete, the stock exchanges’ funding rates are still rising, despite the fact that over $ 764 million has been liquidated in 24 hours.

Bitcoin Funding Rate Chart | Source: Coinglass

Melker, meanwhile, also pointed to an unusual correlation between the US dollar and Bitcoin due to the virus.

Bitcoin tends to correlate negatively with USD as the USD had a long winning streak on Friday.

However, when it failed to capitalize on the strength of Bitcoin, the largest cryptocurrency fell by both macro markets and the US dollar currency index (DXY).

The wolf of all streets tweets:

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

A massive buyer’s volume of $ 53,000 is seen as an obstacle on the way down – near the area equivalent to Bitcoin’s $ 1 trillion market cap.

Meanwhile, historical data serves as a timely reminder that Black Friday bargains are a popular topic on Bitcoin.

In late November 2020, BTC fell to around $ 16,400 and then rose above $ 20,000 for the first time in three years.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Minh Anh

According to AZCoin News

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