BTC, ETH, BNB, SOL, ADA, XRP, DOT, AVAX, DOGE, SHIB

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

The S&P 500 made a brand new all-time excessive at this time on studies that U.S. President Joe Biden 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 positive factors within the DXY are inversely correlated with Bitcoin and the identical could be seen in November of this 12 months as properly. Whereas the DXY is up about 2.3% in November, Bitcoin is down roughly 5.5% throughout the identical interval.

Every day cryptocurrency market efficiency. Supply: Coin360

Impartial 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 high part in Bitcoin is prone to happen.

May 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 top-10 cryptocurrencies to seek out out.