Bitcoin (BTC), remained true to form on Nov. 22, as the hour before Wall St.s opening bell was heard with a sudden surge.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
Skittish Bitcoin darts below $60,000
Data from TradingView and Cointelegraph Markets Pro followed Bitcoin/USD as it rose nearly $3,000 within minutes of hitting multi-day lows at $56,640 on Nov. 22, after which it fell to almost $3,000 over the next few days.
#Bitcoin just pump $2500 in 5 minutes
— Benjamin Cowen (@intocryptoverse) November 22, 2021
After briefly breaking the $60,000 mark for the first time, the pair experienced strong rejection. This is clearly resistance and an important level to overcome in order to continue the bull market.
Cointelegraph reported that opinions remain favorable for Bitcoins return to full-on profits, but with the possibility of missing the “worst-case scenario”, monthly close by a significant margin.
Rekt Capital summarized the days events by saying that “BTC can prolong its Bull Run time in two ways: via extended consolidation… or via deep corrections.”
Michael van de Poppe, a Cointelegraph contributor, argued that Bitcoin should continue to consolidate for the remainder of 2021.
It would be wonderful to see #Bitcoin consolidating/going sideways in the coming weeks. The next big run will be in Q1 2022, along with an enormous #Altseason.
— Michael van de Poppe (@CryptoMichNL) November 22, 2021
“Currently, Bitcoins price is rejecting the exact same level that the red zone could not break upwards. He added a chart to his most recent newsletter. “This red zone is the $60,000 resistance level to break.”
“Currently, Bitcoins price action has been declining heavily from this region, leading to a breakdown in the price towards support levels once more. As long as Bitcoin remains below $60,000, there is no reason to be bullish.
Bitcoin was at $59,000 as of the writing. Volatility continued after the run-up.
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Bitcoin was able to survive in a daily market that saw little performance from any token.
Related: $60K becomes resistance — 5 things you should be watching in Bitcoin this week
The top ten cryptocurrency market caps were mostly flat for the second day in a row, with Solana (SOL), seeing notable gains of just under 5%.
DXY 1-hour candle charts. Source: TradingView
The macro-leve saw bond yields rise after the announcement that the U.S. President Joe Biden had appointed Jerome Powell as the Chair of the Federal Reserve.
The U.S. currency index, which had already reached highs not seen for over a year and is now at 96.3, has continued to climb.