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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

This Bitcoin Metric Suggest More Blood As BTC Drops 6%

Reynaldo Marquez
Reynaldo Marquez
1 year ago
2 mins read
Bitcoin BTC BTCUSD

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Bitcoin wrapped up this past Thanksgiving night with a bloody trading session. The first crypto by market cap was rejected as it made its way to $60,000 and has dropped over 6% in the 24-hour chart. As of press time, BTC trades at $54,084 but seems at risk of further downside.

Related Reading | New COVID Variant FUD Drives Bitcoin Down To $54k

Bitcoin BTC BTCUSD
BTC on a downtrend in the daily chart. Source: BTCUSD Tradingview

Besides Bitcoin, the traditional finance market took a hefty dive on news of a recently discovered COVID-19 variant in Africa. This wrack havoc across many sectors with the S&P 500 and DOW Jones recording an almost 3% loss in the past 24 hours.

As 2020 and 2021 have shown, Bitcoin shows a high correlation with traditional markets during periods of macroeconomic development. Thus, one of the reasons the benchmark crypto has been trending to the downside as investors could fear a new phase of lockdown across the world to prevent the alleged new variant from spreading.

The U.S. Dollar as measured by the DXY Index has also taken a dive with a 0.71% loss in the 24-hour chart. The currency was showing significant strength since November 10th, when the U.S. Federal Reserve hinted at the beginning of tapering but was rejected at the 97-price mark.

The U.S. dollar rally has been attributed as one of the reasons Bitcoin display weaknesses in the past week. A rejection at these levels could provide BTC’s price with some relief allowing it to make a more convincing rally into $60,000 and uncharted territory if it’s able to prevent more downside in the short term.

The positives of today's selloff:

1. It's clearing out the weak hands/excess leverage

2. The $DXY is dropping back below its channel top

We'll see if the latter translates to $BTC strength in the coming days. pic.twitter.com/NZ3B1geHUN

— Justin Bennett (@JustinBennettFX) November 26, 2021

Bitcoin One Step Closer To New Highs?

As NewsBTC has been reporting during this week, the key for Bitcoin to resume its bullish momentum could be found in the derivatives and futures market. This sector has been overheated during November as traders expected BTC to quickly push beyond $70,000.

Related Reading | Whales Fill Up On Bitcoin While Broader Market Panics

Funding rates across exchanges, even as Bitcoin continued to retest critical support and saw an increase in selling pressure, was high. In addition, data shared by pseudonym analyst Byzantine General suggested that the total Open Interest across the market barely moved with the recent downside price action suggesting there is still some leverage to be purged from the market.

https://twitter.com/ByzGeneral/status/1464246616399958022

As of press time, funding rates across exchanges are finally beginning to flip negative but remain positive in two major exchanges: Bybit and Binance, the latter has turned more neutral in the past hour. Still, some more pain could come as BTC head into the weekend.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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The highest standards in reporting and publishing
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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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