Bitcoin holds $ 57,000 amid warnings that weak hands could fuel a BIG decline

Bitcoin (BTC) showed strong signs of entry into Wall Street on Nov. 29 as macro markets eased some of last week’s fears.

Cryptocurrencies are getting rid of “extreme fear”

Data from Cointelegraph Markets Professional and TradingView confirmed a BTC / USD inventory of $ 57,000 at the start of trading on Monday.

Despite a poor start in Asia, US markets were poised to correct after Friday’s trading session, with the S&P 500 index making up part of the 2.3% loss.

Bitcoin joined in the improved sentiment, with overnight performance peaking at 7% at one point and hitting a local high of $ 58,300.

Sentiment is reflecting change, with the Crypto Fear & Greed Index rising from 21/100 to 33/100 – “extreme fear” to “fear” – after hitting its lowest level since September.

“The market is recovering,” said Michaël van de Poppe, Cointelegraph employee summary.

“Hopefully last weekend showed you that you should relax while shopping. Much fear during the weekend, quickly disappeared. Never sell huge red candles, it’s purely emotional. Quiet.”

However, BTC price action remains pegged within a descending channel in the daily timeframe bordering the key area of ​​$ 60,000 that previously switched from support to resistance.

Meanwhile, the materials scientist analyzed by the source had warnings about the possibility of another price decline, which can be attributed to renewed optimism among market participants.

“A lot of BTC bid liquidity has been provided,” it said told Twitter followers along with an updated order book card.

“It wouldn’t be surprising if the hunters stopped after the stragglers and weak hands. Plan accordingly. “

MicroStrategy “buys” $ 400 million Dip

However, among the more powerful “scammers”, confidence in Bitcoin’s profitability is showing no sign of shaking.

Related: Where will BTC end up in November 2021? 5 things to watch for Bitcoin this week

It was reported on Monday that the opportunity to “buy at a discount” last week was taken not only by the likes of El Salvador, but also by investors in the serial company MicroStrategy.

A filing confirms that the company added more than 7,000 BTC to its coffers at an average price of just over $ 59,000, bringing its total inventory to 121,044 BTC ($ 6.93 billion).