Bitcoin (BTC) stayed true to form on November 22 as the hour before the Wall Street opening bell encountered a sudden surge.
Finicky bitcoin drops below $ 60,000
Data from Cointelegraph Markets Pro and TradingView tracked BTC / USD as it rose nearly $ 3,000 in minutes after hitting multi-day lows of $ 56,640 on Monday.
#Bitcoin just pumped $ 2,500 in 5 minutes
– Benjamin Cowen (@intocryptoverse) 22 November 2021
The pair had experienced strong rejection after briefly crossing the $ 60,000 mark, now clearly acting as resistance and a critical level to cross in order to continue the bull run.
As Cointelegraph reported, opinions continue to favor a return to full gains for Bitcoin, although the specter of missing the predicted “worst case scenario” at the monthly close by a considerable margin looms in the background.
“The two most effective ways for BTC to extend the time it spends in a Bull Run are either through extended consolidation… or through deep corrections,” Rekt Capital abstract to the day.
Cointelegraph contributor Michaël van de Poppe, meanwhile, argued that it would even be healthy for Bitcoin to continue consolidating for the remainder of 2021.
It would be nice to have #Bitcoin consolidate / go aside for the coming weeks.
Next big race in the first quarter of 2022 with a huge #Altseason.
– Michaël van de Poppe (@CryptoMichNL) 22 November 2021
“Right now, in recent price movements, the price of Bitcoin has shown a rejection of the exact same level that the red zone could not break upward. This red zone is the $ 60,000 resistance zone. to the breakthrough, ”he added alongside a chart as part of his latest newsletter.
“Right now, Bitcoin’s price action is strongly rejected in this region, which again pushes the price down towards support levels. That way, as long as Bitcoin stays below 60 $ 000, there is no reason to turn bullish. “
At the time of writing, Bitcoin has circled $ 59,000 with persistent volatile behavior after the ramp-up.
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Bitcoin thus fared unscathed in a daily market, seeing little impressive performance from any token.
Related: $ 60,000 Becomes Resistance – 5 Things To Watch In Bitcoin This Week
The top ten cryptocurrencies by market cap were mostly all flat for a second day in a row, with only Solana (SOL) recording notable gains of just over 5%.
On the macro side, news that US President Joe Biden had picked Jerome Powell for a new term as Federal Reserve chairman pushed bond yields up.
The US dollar index, already at highs not seen in over a year, continued to climb to 96.3.