Bitcoin (BTC) continues to be pinned down under $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 because 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.

Often, sharp beneficial properties within the DXY are inversely correlated with Bitcoin and the identical will be seen in November of this 12 months 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

Unbiased market analyst, TechDev, mentioned 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 prone 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.