Connect with us

Plato Vertical Search

Blockchain

Bitcoin offers ‘Black Friday deal’ with sub-$55K BTC price — Just like 2020

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

Black Friday is living up to its name in crypto this year as both Bitcoin and many altcoins are trading at their lowest in six weeks.

Misgivings over $53,000 floor

After an overnight sell-off sparked by a declining United States dollar and macro markets rattled by a new coronavirus variant, BTC/USD is trading near $54,000.

As mainstream media highlight the fall, others are far from concerned, however — current prices arguably offer a golden entry opportunity.

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

On short-term targets, popular trader and podcast host Scott Melker warned over going with the herd, expecting even lower levels to buy.

“We all seemingly want to see 53K, which usually means we get front run at 53.5K or price nukes straight through and we HFSP,” he tweeted.

“The crowd rarely gets what it wants.”

In a sign that selling is likely not yet over, funding rates across exchanges remain elevated despite 24-hour liquidations nearing $700 million.

Advertisement. Scroll to continue reading.
Bitcoin offers ‘Black Friday deal’ with sub-$55K BTC price — Just like 2020 Blockchain CoinGenius Hosts Virtual Crypto Event The Road To Mass Adoption
Bitcoin offers ‘Black Friday deal’ with sub-$55K BTC price — Just like 2020 Blockchain CoinGenius Hosts Virtual Crypto Event The Road To Mass Adoption
Bitcoin funding rates chart. Source: Coinglass

Remember last Black Friday?

Melker, meanwhile, additionally pointed to the unusual correlation between the U.S. dollar and Bitcoin thanks notionally to the virus jolt.

Related: Bitcoin hits 6-week lows in hours as 24-hour crypto liquidations near $650M

As Cointelegraph often notes, Bitcoin tends to exhibit inverse correlation with USD, the latter having snapped a long winning streak Friday.

Far from fuelling Bitcoin’s strength, however, the largest cryptocurrency has fallen in step with both macro markets and the U.S. dollar currency index (DXY).

Standing in the way of further losses on Bitcoin is a heavy block of buyer support at $53,000 — roughly the area that corresponds to Bitcoin’s $1-trillion market capitalization.

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

In late November 2020, BTC/USD dipped to around $16,400 — only to then go on to tackle and beat out $20,000 for the first time in three years.

Bitcoin offers ‘Black Friday deal’ with sub-$55K BTC price — Just like 2020 Blockchain CoinGenius Hosts Virtual Crypto Event The Road To Mass Adoption
BTC/USD 1-day candle from November 2020. Source: TradingView


PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

Click here to access.

Source: https://cointelegraph.com/news/bitcoin-offers-black-friday-deal-with-sub-55k-btc-price-just-like-2020

Advertisement. Scroll to continue reading.
Bitcoin offers ‘Black Friday deal’ with sub-$55K BTC price — Just like 2020 Blockchain CoinGenius Hosts Virtual Crypto Event The Road To Mass Adoption

Advertisement

Latest Blockchain Streams

Blockchain

Industry-leading nonfungible token (NFT) marketplace OpenSea has announced that bought Dharma Labs, a crypto wallet and payments provider.

Blockchain

NFT marketplace OpenSea has acquired a cryptocurrency lending platform and digital wallet, Dharma Labs for an undisclosed amount, the company announced Tuesday. As part...

Blockchain

MATIC coin price falls lower to the psychological mark of $2 with increased trend momentum. Will bears break the rising channel? Polygon is described...

Blockchain

The total supply for Circle’s stablecoin USDC on Ethereum has surpassed that of Tether, putting USDT in second place on Ethereum for the first...