Bitcoin is offering “Black Friday Deal” with a BTC price of less than USD 55,000 – just like in 2020


Bitcoin (BTC) may have fallen 20% from its all-time highs, but this is a golden opportunity to “buy the dip,” analysts argue.

Black Friday lives up to its name in cryptocurrencies this year as both Bitcoin and many altcoins are trading at their lowest levels in six weeks.

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Concerns over $ 53,000 floor

BTC / USD is trading near $ 54,000 after an overnight sell-off sparked by a falling US dollar and macro markets rocked by a new variant of coronavirus.

While mainstream media is highlighting the fall, others are by no means concerned – current prices arguably offer a golden entry point.

Others poked fun at a knee-jerk article from Bloomberg in which the publication initially stated that Bitcoin had “entered a bear market.”

On short-term goals, popular retailer and podcast host Scott Melker cautioned against going with the herd and expected even lower purchase rates.

“We all apparently want to see 53K, which usually means we’re running at 53.5K or right through nuclear weapons and we’re HFSP,” he tweeted.

“The crowd rarely gets what they want.”

As a sign that the sale is unlikely to be finalized, funding rates remain high on all exchanges by nearly $ 700 million despite 24-hour liquidations.

Bitcoin Funding Rates Chart. Source: Coinglass

Do you remember last Black Friday?

Melker, meanwhile, also referred to the unusual correlation between the US dollar and Bitcoin, which is conceptually due to the virus jolt.

Related: Bitcoin hits 6-week hourly lows as 24-hour crypto liquidations near $ 650 million

As Cointelegraph often notes, Bitcoin tends to have an inverse correlation with the USD, with the latter having a long streak of victories on Friday.

Far from adding to the strength of Bitcoin, however, the largest cryptocurrency has fallen in step with the macro markets and the US dollar currency index (DXY).

A massive block of buyer support at $ 53,000 stands in the way of further losses in Bitcoin – roughly the range that corresponds to Bitcoin’s market capitalization of $ 1 trillion.

Meanwhile, historical data serves as a timely reminder that Black Friday bargains are a common theme for Bitcoin.

In late November 2020, BTC / USD dropped to around $ 16,400 – only to hit and hit $ 20,000 for the first time in three years.

BTC / USD 1-day candle from November 2020. Source: TradingView