Bitcoin remains volatile as BTC rises $ 2.9,000 in 15 minutes before Wall Street opens


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Bitcoin (BTC) stayed true to its formation on November 22nd when the hour before Wall Street’s opening bell faced a sudden spike.

BTC / USD 1-hour candle chart (Bitstamp). Source: TradingView

Shy bitcoin hovers around under $ 60,000

Cointelegraph Markets Pro and TradingView data followed BTC / USD as it rose nearly $ 3,000 in minutes after hitting a multi-day low of $ 56,640 on November 22nd.

The pair had experienced strong rejection after briefly breaking the $ 60,000 mark in what is now clearly acting as resistance and a critical level to break to continue the bull run.

As Cointelegraph reported, opinions continue to advocate a return to full profits for Bitcoin, albeit with the specter of missing the forecast “worst-case scenario” at the end of each month is looming in the background.

“The two most effective ways for BTC to increase the time it spends on a bull run are either through advanced consolidation … or deep corrections,” summarized Rekt Capital the day.

Meanwhile, Cointelegraph employee Michaël van de Poppe argued that it would even be healthy for Bitcoin to continue its consolidation for the remainder of 2021.

“At the moment, in recent price movements, Bitcoin price has shown a rejection of the exact same level that the red zone failed to break up. That red zone is the USD 60,000 resistance area to break, ”he added alongside a chart as part of his latest newsletter.

“At the moment, Bitcoin’s price action is strongly opposed in this region, which in turn leads to a collapse of the price towards the support levels. That way, there is no need to get bullish as long as Bitcoin stays below $ 60,000. “

At the time of writing, Bitcoin was circling around $ 59,000, with volatile behavior continuing after the ramp-up.

Powell remains Fed chairman

Bitcoin thus got away unscathed in a daily market that did not perform well on any token.

Related: $ 60,000 Turns Into Resistance – 5 Things To Look For In Bitcoin This Week

The top ten cryptocurrencies by market cap remained largely unchanged for the second straight day, with only Solana (SOL) posting noticeable gains of just over 5%.

DXY 1 hour candle chart. Source: TradingView

At the macro level, news that US President Joe Biden had elected Jerome Powell for another term as chairman of the Federal Reserve boosted bond yields.

The US dollar currency index, which hadn’t hit highs in over a year, continued to climb and topped 96.3.