Thursday, December 9, 2021
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BTC, ETH, BNB, SOL, ADA, XRP, DOT, AVAX, DOGE, SHIB

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Bitcoin (BTC) continues to be pinned down beneath $60,000, indicating that greater ranges are attracting promoting from merchants.

The S&P 500 made a brand new all-time excessive on Nov. 22 as a consequence of studies that United States President Joe Biden had renominated Jerome Powell to serve a second time period because the Federal Reserve chair. This information additionally boosted the U.S. greenback forex index (DXY) to its highest degree since July 2020.

Normally, sharp positive aspects within the DXY are inversely correlated with Bitcoin and the identical may be seen in November of this yr as effectively. Whereas the DXY is up about 2.3% in November, Bitcoin is down roughly 5.5% throughout the identical interval.

Each day cryptocurrency market efficiency. Supply: Coin360

Impartial market analyst, TechDev, stated Bitcoin’s efficiency in 2021 is following the value motion of 2017 however with a lag of 5–8 days. If the correlation continues, the eagerly awaited blow-off prime part in Bitcoin is more likely to happen.

Might the present fall be the ultimate dip earlier than the resumption of the uptrend or is the decline the beginning of a sharper correction? Let’s examine the charts of the highest 10 cryptocurrencies to search out out.