Price analysis 11/22: BTC, ETH, BNB, SOL, ADA, XRP, DOT, AVAX, DOGE, SHIB

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Bitcoin (BTC) continues to be stuck below $ 60,000, indicating higher levels are attracting sales from traders.

The S&P 500 hit a new all-time high today following reports that US President Joe Biden has reappointed Jerome Powell for a second term as Federal Reserve Chairman. This news also propelled the US Dollar Currency Index (DXY) to its highest level since July 2020.

Usually, large DXY gains are inversely correlated with Bitcoin and the same can be seen in November of this year as well. While the DXY is up around 2.3% in November, Bitcoin is down around 5.5% in the same time frame.

Daily performance of the cryptocurrency market. Source: Coin360

Independent market analyst TechDev said Bitcoin’s performance in 2021 followed the price movement of 2017, but with a lag of 5 to 8 days. If the correlation continues, Bitcoin’s highly anticipated blow-off phase is likely to occur.

Could the current drop be the last drop before the uptrend resumes or is the drop the start of a steeper correction? Let’s study the charts of the top 10 cryptocurrencies to find out.