Minus 5% Monday: Is Bitcoin (BTC) Likely To Close Again This Week In The Red? You must now break the $ 60,000 resistance to reverse a downtrend that appears to have established itself in the short term.
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Bitcoin at $ 61,000: for the return of the bulls
Bitcoin hit $ 60,000 over the weekend. Start the week with a daily red candlestick. Bitcoin is trading at $ 55,797 at the time of writing and is currently posting a 5.30% daily loss.
The $ 60,000 – $ 61,000 seems to have become a resistance for bitcoin. For the trader Michaël van de Poppe, today’s decline corresponds to a correction that “is still ongoing and quite normal.” However, he adds that “as long as bitcoin stays below $ 60,000, there is no reason to turn bullish.”
The merchant Pentoshi estimates ^ for his part, that a bitcoin above 61,000 dollars would sign a “return of the bulls”. Trader Rekt Capital, meanwhile, emphasized the need for a “prolonged consolidation” or “deep corrections” for bitcoin so that it can “extend the time you spend in a Bull Run.”
Bitcoin in the red: the Fed and the dollar to blame?
Today is markedly bearish for bitcoin as the S&P 500 hits a new all-time high. This good performance of the S&P 500 comes at a time when Joe Biden has renewed the mandate of Jerome Powell, who is therefore re-elected as president of the United States Federal Reserve (FED).
The news also appears to have benefited the US dollar (DXY), which peaked since July 2020. The markets have once again validated the historically observed negative correlation between the price of bitcoin and the dollar.
Are the falls recorded by bitcoin in recent days just a pause, a necessary decompression of the markets for the continuation of the bull run, or have we finally reached the peak of this cycle? Traders’ speeches are more cautious in the short term. Recovering the $ 60,000 would restart the bull run.
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