With a 24-hour crypto settlement approaching $650 million, Bitcoin hit a 6-week low in a few hours

Bitcoin (Bitcoin) Fell by nearly $5,000 in one day on November 26, as the bulls faced new disappointments.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Bitcoin’s goal is $54,000

Data from Cointelegraph Markets Pro with Transaction view At the time of writing, BTC/USD is moving towards $54,000 amidst violent volatility.

Holders saw huge selling pressure after approaching $60,000 late on Thursday. This was the latest attempt to break resistance but ended in a retreat.

A few hours later, Bitcoin returned to its lowest point since mid-October and firmly proved that those who believe that the current bullish upside breakout has not yet ended are correct.

“It’s not fully in place yet, but hopefully soon,” analyst Willy Woo Said Approximately one indicator hints at an imminent-but not immediate-return to form.

Encrypted clearing chart. Source: Coinglass

However, anyone who bet too enthusiastically on the end of the corrective action will feel the pain on Friday because of the 24-hour cross-cryptocurrency Liquidation More than 630 million US dollars.

However, not everyone is surprised or even disturbed by these events. Cointelegraph writer Michaël van de Poppe called the current price trend “very beautiful.”

“A lot of the skyrocketing in the market is coming back completely,” he added in a Twitter comment before the new market update.

U.S. dollar reverses gains

Altcoins did not respond well to Bitcoin’s decline, and in terms of losses, many major coins outperformed BTC against the U.S. dollar.

related: Although Bitcoin “may” not reach $98,000 in 5 days, there is still much to be thanked for by the Bitcoin bulls

Ether (Ethereum) Fell by 5.8%, while Bitcoin fell by 4.8%. Others believe that the spot price dropped by nearly 10% that day.

Van de Poppe advises traders not to “chase skyrocketing” on altcoins, as the market shows that repeated fluctuations in the short term are still a key feature.

In this context, the U.S. dollar finally began to fall, ending the continuous upward trend touched by the U.S. dollar currency index (DXY). Highest Since June 2020.

Although traditionally negatively correlated, Bitcoin looks more like an imitator because DXY’s goal is 96 to gain support.

The dollar currency index (DXY) 1-hour candlestick chart. Source: TradingView