BTC, ETH, BNB, SOL, ADA, XRP, DOT, AVAX, DOGE, SHIB

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Bitcoin (BTC) is still below $ 60,000, suggesting higher levels are attracting sales from traders.

The S&P 500 hit a new all-time high on November 22nd on reports that US President Joe Biden had named Jerome Powell chairman of the Federal Reserve for a second term. This news also sent the US dollar currency index (DXY) up to its highest level since July 2020.

Usually, strong gains in DXY are inversely correlated with Bitcoin and the same can be seen this November as well. While the DXY was up about 2.3% in November, Bitcoin was down about 5.5% over the same period.

Daily performance of the cryptocurrency market. Source: Coin360

Independent market analyst TechDev said Bitcoin’s performance in 2021 will follow the 2017 price action, but with a 5 to 8 day lag. If the correlation persists, the highly anticipated blow-off top phase in Bitcoin is likely to occur.

Could the current drop be the last dip before the uptrend resumed, or is the drop the start of a bigger correction? Let’s check out the top 10 cryptocurrency charts to find out.