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Bitcoin, stocks and commodities correct after Fed chair mentions policy change

BTC, stocks and commodities took a hit after the Federal Reserve acknowledged that inflation is more than just a “transitory” problem and hinted that tapering could occur sooner than expected.

Global financial market took a hit on Nov. 30 after comments from U.S. Federal Reserve Chair Jerome Powell hinted that inflation and the Omicron COVID-19 variant are growing threats and that the bank's easy money policies could end sooner than anticipated.

Prior to Powell's comments, Bitcoin (BTC) had been on the rise and the digital asset had rallied 6% from a low of $55,840 in the early trading hours on Nov. 30 to an intraday high at $59,200, but the price was hammered back below $57,000 after the Fed's remarks.

BTC/USDT 4-hour chart. Source: TradingView

At the time of writing, Bitcoin has managed to climb back to $58,000 but a series of technical indicators signal that traders are not confident about BTC's next move.

Stocks and commodities take a hit

It wasn’t just Bitcoin that was hard hit by the Fed's comments. According to economist and CryptoQuant analyst Jan Wuestenfeld, the dollar index (DXY) increased while the DOW, gold and other equities indexes pulled back. 

DXY vs. Gold vs. BTC/USD vs. SPX. Source: Twitter

Wuestenfeld said,

“US dollar index appreciating on Powell remarks that the FED might speed up taper (no matter how believable). Everything else going down. Gold included.”

Related: Vladimir Putin says cryptocurrencies 'bear high risks'

The Fed "behaves in a binary way"

Deeper insight into the actions from the Fed was provided by market analyst and former treasury employee Nik Bhatia, who highlighted the fact that the Fed “doesn’t have the ability to react to dynamic conditions” and instead “behaves in a binary way.”

Bhatia said,

“If things are going well, it can tighten policy. If the economy is in trouble, it eases policy.”

According to Bhatia, “inflation is running hot in the United States” with “headline statistics pointing to multi-decade high increases in aggregate price levels.”

At the same time, the Fed has implemented “a monetary policy at essentially the easiest it has ever been,” leading Bhatia to caution that “with inflation waking up, this will soon come to an end.”

Bhatia said,

“The Fed is clearly heading into a policy error in which it tightens policy despite longer-term growth and inflation expectations coming down, due to tighter monetary policy itself (that’s why it’s called policy error).”

It's no longer "transitory inflation"

Interstingly, Powell's comments acknowledged that the year-long mantra of “transitory inflation” is now coming to an end, with the Federal Reserve chair suggesting that it's time to “retire” the transitory narrative.

While it’s refreshing to see a bit more honesty coming from the Fed, cryptocurrency pundit Anthony Pompliano pointed out that the average person knew all along that the inflation was anything but “transitory” in nature and will likely remain an issue well into 2022.

The overall cryptocurrency market cap now stands at $2.638 trillion and Bitcoin’s dominance rate is 41.2%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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3 reasons why traders expect Bitcoin to retake $60K before November ends

Bitcoin price flashed a few bullish signals on Nov. 29, leading analysts to share their opinions on why BTC should close November above $60,000.

The cryptocurrency market saw a boost in sentiment after the price of Bitcoin (BTC) surged above $58,000 in a long-awaited move that rejuvenated traders who have been anxiously waiting for a resumption of the uptrend.

BTC/USDT 4-hour chart. Source: TradingView

Here’s a look at what analysts and traders are saying about Nov. 29’s price action and whether or not Bitcoin is likely to reclaim the $60,000 level.

A $60,000 retest is “on the horizon”

Bitcoin’s sudden move to $58,000 may have had caught some traders off guard, but according to independent market analyst and Cointelegraph contributor Michaël van de Poppe, the current price action is going as expected.

BTC/USD 4-hour chart. Source: Twitter

According to van de Poppe, following Nov. 28’s spike above $57,000, “You’d preferably want to see a flip of the $56,000 area to be taking place” to establish a higher support level, which would be followed by a further price breakout.

Van de Poppe said:

“If that happens, then I’d assume a retest of $60,000 is on the horizon.”

BTC is set up for a strong monthly close

Pseudonymous Twitter analyst “Rekt Capital,” suggested that November’s price action for BTC is a retest of the newly established support zone near $58,750.

Similar bullish sentiments on Bitcoin’s monthly price were shared by “Nunya Bizniz,” who posted the following charts pointing out the key support levels to keep an eye on as the month of November comes to an end.

BTC/USD 1-month chart. Source: Twitter

The analyst said:

“The month closes tomorrow. A close above these two levels should be bullish.”

Related: Key data points suggest the crypto market’s short-term correction is over

Comparisons to previous bull cycles

A look at how the current price movement seen in BTC compares with past bull markets was provided by analyst and pseudonymous Twitter user “Techdev,” who posted the following tweet looking at the price action for Bitcoin in 2017 as compared with now, as well as the 1970s price action for gold.

As discussed in the tweet, the current price projections place Bitcoin price at $150,000 by late December and $200,000 by early February 2022. The analyst further suggested that the price could potentially surpass $250,000 by early February 2022 if it follows a similar price pattern to that seen in gold in the 1970s.

The overall cryptocurrency market capitalization now stands at $2.609 trillion, and Bitcoin’s dominance rate is 42.1%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, and you should conduct your own research when making a decision.

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Plan B Says Bitcoin Price Still ‘on Track Towards $100K’ Despite Missing November’s Price Prediction

Plan B Says Bitcoin Price Still ‘on Track Towards 0K’ Despite Missing November’s Price PredictionThis month, the price of bitcoin sank below the $60K zone this month after reaching an all-time high (ATH) at $69K per unit. The pseudonymous bitcoin analyst and the creator of the bitcoin price model called stock-to-flow (S2F), Plan B, called the last three months of bitcoin prices correctly but the analyst’s “worst-case scenario” forecast […]

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Bitcoin transaction fees are down by over 50% this year

Transaction fees have dropped this year, after a spike earlier this summer.

According to YCharts data, the average transaction fee of Bitcoin (BTC) has dropped from $4.40 to $1.80 this year, a decrease of 57.97%. This rise may be attributed to a variety of factors. 

One explanation is that the fast expansion of the Bitcoin Lightning Network, in which transactions are off the blockchain, may have been a catalyst.

For perspective, the Bitcoin network charges a fee for each transaction. This payment is then divided between miners. When the network is congested and demand for transaction processing far surpasses the supply of miners, users frequently pay more.

On April 21, the average transaction fee on the Bitcoin network reached an all-time high of $62.8 per transaction, as miner outages in China slowed block production at a time when demand for Bitcoin was robust.

The drop in costs may be attributed to Bitcoin miners becoming less skeptical and not losing interest in processing transactions. When this happens, the mining difficulty, which measures how difficult it is to validate a Bitcoin transaction, falls.

Related: Bitcoin and Ethereum slow down as transaction values and fees plunge 70%

Another possible reason for the declining transaction cost is the decongestion of the mempool, which is the collection of all pending transactions before being confirmed. When a transaction is sent to the Bitcoin network, it remains in the mempool until it receives confirmation. Because each BTC block has a certain size of 1MB, a large mempool may encourage miners to favor more lucrative transactions.

During these instances, customers begin paying more in order for their transactions to not get stuck in the mempool. This raises the overall transaction cost on the Bitcoin network.

The size of the Bitcoin mempool has been well below its maximum capacity as shown by the chart below.

Source: Blockchain.com

Related: Where will BTC end November 2021? 5 things to watch in Bitcoin this week

The average transaction count has also dropped significantly in recent months. On an average per day, there were more than 350,000 transactions at the start of 2021, but that number has now fallen to between 250,000 and 213,000 transactions per day.

Another possible explanation for the decline in transaction costs is that traders and holders of Bitcoin tend to use less BTC. A drop in demand causes the cost per token to fall, which decreases transaction fees.

Meanwhile, Ethereum fees have also plummeted with the rest of the cryptocurrency market. The average transaction fee of the Ethereum network was $4.90 as of publishing time, having peaked at $69.92 on May 12, 2021.

As a new week gets underway, Bitcoin (BTC) is back at $57,000, ending a tumultuous few weeks that saw the price plummet.

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El Salvador celebrates Black Friday, buys 100 BTC for 20% off

With the addition of the 100 coins today, El Salvador holds 1,220 BTC, worth roughly $66.3 million following the crypto asset's drop to the $54,000s.

El Salvador President Nayib Bukele bought the dip again, investing more than $5 million into Bitcoin as the price dropped under $54,000 today.

In a Friday tweet, the El Salvador president said he had purchased 100 Bitcoin (BTC) following a global market sell-off in response to a new COVID-19 variant discovered in South Africa. According to data from Cointelegraph Markets Pro, since reaching an all-time price of $69,000 on Nov. 10, Bitcoin has fallen more than 20% to reach $54,343 at the time of publication, an 8% drop in less than 24 hours.

Bukele first announced El Salvador would be making a major BTC purchase on the eve of the country’s Bitcoin Law going into effect on Sept. 7, buying 200 BTC when the price was roughly $52,000. He has tweeted each time that the government purchased coins during a price dip, with the country holding 1,120 BTC before the latest buy. With the addition of the 100 coins today, El Salvador holds BTC worth roughly $66.3 million at the time of publication.

BTC price dropped more than 8% following news of a new COVID-19 variant in South Africa. Source: TradingView

Since first announcing legislation aimed at making Bitcoin legal tender in El Salvador in June, Bukele has proposed several initiatives in the country around adoption and mining. The government has started construction of the infrastructure to support the state-issued Bitcoin wallet, Chivo, and recently unveiled plans to launch its own Bitcoin City at the base of a volcano, funded initially by $1 billion in Bitcoin bonds. 

Related: El Salvador to build 20 ‘Bitcoin Schools’ with surplus from Bitcoin Trust

Many Salvadorans have pushed back against the crypto initiatives, specifically protesting Bukele and Bitcoin. In September, residents marching through the capital city destroyed one of the Chivo kiosks and defaced the remains with anti-BTC logos and signs. The country's Popular Resistance and Rebellion Block as well as a group consisting of retirees, veterans, disability pensioners and other workers have also conducted demonstrations against the Bitcoin Law. 

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Has Bitcoin solidified support at $58K and what’s going on with the Metaverse boom? | Find out now on The Market Report w/ Michaël van de Poppe.

“The Market Report” with Cointelegraph is live right now with special guest Michaël van de Poppe, founder and CEO of Eight Global.

Join Cointelegraph host and analyst Benton Yaun alongside resident market experts Jordan Finneseth and Marcel Pechman as they break down the latest news in the markets this week. Here’s what to expect in this week’s markets news breakdown: 

After the market news update, we have a chat with our special guest Michaël van de Poppe about Bitcoin's dominance, its next all-time high, the factors he considers when looking at new coins and what indicators he uses to determine entry and exit points in the markets.

Using insights from Cointelegraph’s Markets Pro, a platform for crypto traders who want to stay one step ahead of the market, the Cointelegraph experts identify two altcoins that stood out this week: AMP and SAND.

Finally, Cointelegraph market analyst Jordan Finneseth discusses if the market is moving away from Bitcoin being the dominant force for price discovery of the altcoins. With popular sectors such as gaming tokens and NFTs seeing a surge in value could it be that Bitcoin is not the only thing maintaining the value in the market.

Do you have a question about a coin or topic not covered here? Don’t worry! Join the YouTube chat room and write your questions there. The person with the most interesting comment or question will be given a free month of Cointelegraph Markets Pro, worth $100!

“The Market Report” streams live every Thursday at 12 pm ET, so be sure to head on over to the Cointelegraph YouTube page and smash that like and subscribe button for all our future videos and updates.

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Analysts pinpoint bull and bear scenarios as Bitcoin price dips below $56K

BTC price dropped below $56,000 again, leading analysts to discuss various bull and bear scenarios for Bitcoin’s short term price action.

Cooler heads are calling for a collective deep breath and a step back to see the long-term outlook for the future of Bitcoin (BTC) price and the wider crypto market, but today's drop back under $56,000 is raising eyebrows among traders.

Data from Cointelegraph Markets Pro and TradingView shows that after starting the week near $60,000, several days of bears hammering the price of Bitcoin resulted in a revisit to $55,600.

BTC/USDT 1-day chart. Source: TradingView

Here’s what analysts have to say about the latest price action from Bitcoin and what to look out for in the days ahead.

Keep an eye on the monthly close

A closer look at the monthly price action for Bitcoin was discussed by independent market analyst ‘Rekt Capital’, who posted the following chart showing that BTC is close to reclaiming an important monthly close level near $58,728.

BTC/USD 1- month chart. Source: Twitter

According to Rekt Captial, the price action for BTC has been “promising” thus far and is now “really close to reclaiming this monthly level as support (green),” but the analys cautioned that there could still be plenty of volatility in the near term as the market closes out the month of November.

Rekt Capital said,

“But it's important to note that BTC could still easily see-saw like this for the remainder of the month. Monthly close is what matters.”

Mt. Gox trustee to distribute 145,000 BTC

Insight into the possible reasons behind the pullback was offered by David Lifchitz, managing partner and chief investment officer at ExoAlpha, who pointed to the Nov. 16 announcement that the trustee of Mt. Gox that will distribute around 145,000 BTC to retail investors who had purchased them on the exchange between 2013 and 2015.

Lifchitz highlighted concerns some have that many of these “mom ‘n pop investors” who stand to “receive a windfall in the near future” due to BTC being 100 times higher than their original purchase price “will probably cash them out at any price, which will probably hit pretty hard the market when the news of the effective distribution will break.”

As for now, Lifchitz feels that “the selloff seems to be over at the $57,000 to $58,000 support level,” and looks “ready to reach again toward $63,000 and above in the next few days.”

But caution is warranted moving forward, according to Lifchitz, as the threat of a future sell-off once the Mt. Gox BTC are released.

Lifchitz said,

“However, that Mt.Gox is a Damocles sword above the market's head, and I don't see BTC going to $100,000 next month with that threat hanging. Whales have been holding tight, but haven't bought much more. I guess they are well aware of the Mt.Gox upcoming drama and are waiting to load up on the potential upcoming huge dip. Now once the Mt.Gox hurdle will be cleared, Bitcoin will have a clear path to reach new highs, barring some crazy regulations that could spoil the party.”

Related: Metaverse and blockchain gaming altcoins rally while Bitcoin looks for support

Historical analysis suggests Bitcoin price may have bottomed

A final bit of insight was offered by analyst and pseudonymous Twitter user ‘TechDev’ who posted the following charts comparing the 2017 price action for Bitcoin with the current market.

2017 BTC price action vs. 2021 BTC price action. Source: Twitter

According to TechDev, the current correction is “following 2017's mid-Nov to near perfection” with the “only minor difference” being “a break of the 50-day simple moving average (SMA).”

TechDev said,

“We may not have bottomed, but it is close. Everything I am seeing suggests a high probability the next 5-15 weeks will be massive (including BTC and alt mania).”

The overall cryptocurrency market cap now stands at $2.51 trillion and Bitcoin’s dominance rate is 41.9%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Microstrategy CEO Discusses Bitcoin Becoming $100 Trillion Asset Class — Says BTC Will Grow 100X

Microstrategy CEO Discusses Bitcoin Becoming 0 Trillion Asset Class — Says BTC Will Grow 100XThe CEO of Microstrategy says that bitcoin will emerge as a $100 trillion asset class and will grow 100X from where it is today. He said the cryptocurrency is winning against gold as a store of value and he is not worried about regulation. “I’m not at all troubled with the regulations that’s going on […]

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Bitcoin bulls in City Hall: Meet America’s crypto mayors

A wave of political goodwill and support for Bitcoin is building up. Is this just hype, or will there be long-lasting support for crypto?

As 2021 comes to a close, Bitcoin (BTC) has had a tumultuous ride this year, with wild price swings that have seen the pioneer cryptocurrency hit all-time highs only to retrace to lower prices — including a 50% drop that shook the market. Now, Bitcoin is once again back and stronger than ever, even recently going past its previous all-time high.

Bitcoin’s dizzying market price swings aside, it seems some politicians have recognized Bitcoin’s potential, with a wave of mayors across the United States expressing bullish sentiments.

From Florida to New York, there is a seemingly growing trend of politicians, particularly city mayors, supporting Bitcoin adoption.

Here is a look at some of America’s mayors who have expressed bullish sentiments about the leading cryptocurrency.

New York City Mayor-elect Eric Adams

Mayors across the U.S. have been pushing for the adoption of digital assets, including New York City’s newly elected mayor, Eric Adams, who has pledged that he will take his first three paychecks in Bitcoin. The move from Adams was in response to the mayor of Miami’s announcement two days earlier that revealed his plans to accept his next paycheck entirely in Bitcoin.

Adams, a former police officer with a reputation for being tough on crime, said in a tweet that “In New York we always go big, so I’m going to take my first THREE paychecks in Bitcoin.”

Adam further tweeted that “NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries.”

The newly elected mayor also spoke to Bloomberg, saying that he will “look at what’s preventing the growth of Bitcoin and cryptocurrency in our city.”

Mayor-elect Adams has been a Bitcoin bull for quite some time, having previously pledged to make New York City the center for Bitcoin. Adams has also suggested that schools add cryptocurrency and blockchain technology to their curriculum.

Miami Mayor Francis Suarez

Since his election, Adams has been duking it out with Miami Mayor Francis Suarez over who is the bigger Bitcoin bull. Suarez, who was reelected for another term after serving as Miami’s mayor since 2017, also claimed in a tweet that he would take his next paycheck “100% in Bitcoin.”

As a part of Miami’s plan to become the crypto capital of the U.S., Suarez said that the city plans to issue digital wallets to its citizens that would be used to dole out Bitcoin yields from the city’s crypto stash.

While some reports state that U.S. law prohibits certain states from holding volatile assets, Miami’s mayor remains adamant, claiming that his top priority is to hopefully run the city without taxes. Suarez has previously mentioned that he wants to pay city employees in crypto.

Cool Valley, Missouri Mayor Jayson Stewart 

In the small town of Cool Valley, Missouri, Mayor Jayson Stewart announced that he intended to give each resident up to $1,000 in Bitcoin as a response to the growing adoption of cryptocurrencies.

The environmentalist mayor believes that Bitcoin can lift the town’s fortune through the establishment of Bitcoin mining facilities and other related activities. Stewart also believes that Bitcoin education holds the key to increasing wealth and prosperity in the region, and he hopes to one day see a Bitcoin-friendly bank in the city.

In an interview with Cointelegraph Magazine, Stewart said that “A lot of it is about fixing the wrongs of the past financial system. In the past, we didn’t have access to this amazing technology that we have today when it comes to our financial system and storing our value.”

Similar to Miami’s mayor, Stewart plans to dole out Bitcoin to the people of Cool Valley, with a plan that is funded by private donors who aim to increase the use and adoption of the digital asset. 

The Missouri mayor has been a Bitcoin bull since as far back as 2015, when he used to work for a tech startup that served wealthy clients and earned a salary in Bitcoin.

Jackson, Tennessee Mayor Scott Conger

In the wave of cities across the U.S. edging closer to Bitcoin adoption, the city of Jackson, Tennessee is not one to be left behind. With a belief that Bitcoin is the only solution to fix the devaluation of the U.S. dollar and the inflation that is cutting across the global economy at the moment, the city’s mayor, Scott Conger, announced that a blockchain task force will study potential methods of enabling property tax payments in the city using Bitcoin.

In mid-July, Conger tweeted: “Why do we accept inflation? Why don’t we demand more from our federal government? 6.3% in 2 years. 172.8% in my lifetime. Every year our dollar is worth less. There is no rebound. There is only 1 fix for this.. #Bitcoin.”

Similar to the sentiments of other mayors, Conger has expressed interest in exploring options that will see the city’s employees receive their paychecks in cryptocurrency. The mayor also plans to adopt Bitcoin mining operations and add BTC to the city’s balance sheet. Apart from Bitcoin, Conger has also hinted at Ether (Ether) and Litecoin (LTC) as potential mediums for payments within the city’s financial operations.

Tampa, Florida Mayor Jane Castor

Tampa Mayor Jane Castor has also joined the fray of mayors in cities around the U.S. who are bullish on Bitcoin. A matter of days after Miami Mayor Suarez announced his plans to receive a Bitcoin paycheck, Castor followed suit.

Castor made the announcement on day two of the Florida Bitcoin and Blockchain Summit, which took place at the Amalie Arena in downtown Tampa.

Growing bullish sentiments

Apart from American mayors embracing Bitcoin and blockchain technology, other leaders around the nation and across the globe are starting to realize the benefits of Bitcoin and cryptocurrencies. For instance, U.S. Representatives Tom Emmer and Darren Soto sent a letter to the Securities and Exchange Commission in a call for the approval of Bitcoin ETFs in the U.S., something that many onlookers believe could set up a bullish trend for Bitcoin and legitimize cryptocurrencies.

Even traditional financial institutions that were bearish on Bitcoin are starting to admit that cryptocurrencies and blockchain technology are primed to bring about revolutionary changes to the finance industry. The chief operating officer of Bank of America, for instance, recently claimed that blockchain and cryptocurrencies could improve the operations of banks.

In Australia, Commonwealth Bank — one of the largest banks in the country, with nearly 16 million customers — has revealed plans to integrate Bitcoin into its services. All over the crypto space, a wave of bullish news continues to emerge, with Bitcoin appearing primed for upward momentum.

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Traders say Bitcoin’s drop to $57K is an ‘attractive entry’ for hodlers

Bitcoin’s price fell below the $57,000 level on Nov. 18, sparking a widespread sell-off in ETH and altcoins. But traders say the current range presents an “attractive entry” for hodlers.

The price of Bitcoin (BTC) dropped to fresh lows on Nov. 18, and the brief visit to the $56,000 level resulted in a sharp sell-off in Ether (ETH) and altcoins.

Data from Cointelegraph Markets Pro and TradingView shows that support at $60,000 was breached early on in the United States trading session, and this allowed bears to briefly take control of the market.

BTC/USDT 4-hour chart. Source: TradingView

Here’s what analysts have to say about the day’s price action and whether or not traders should be concerned about additional downside.

Major drawdowns “will be relatively short-lived”

According to a recent report from cryptocurrency research firm Delphi Digital, “The initial sell-off was largely driven by a wave of liquidations rather than a fundamental shift in narrative,” which suggests that there is a possibility that this pullback will be short-lived and potentially “presents an attractive entry point” for traders looking to gain more market exposure.

BTC/USD short-term technical outlook. Source: Delphi Digital

Delphi Digital highlighted that while there had been a significant amount of deleveraging seen across the market over the past week, it didn’t help prevent the overall increase in “aggregate liquidations across major exchanges coinciding with each sizable price dip.”

As for what comes next for BTC, Delphi Digital sees the possibility of a dip to $55,000 “if continued selling pressure forces BTC below $57,750,” but the analysts also suggested that any “any drawdown will be relatively short-lived.”

Delphi Digital said:

“If BTC takes another leg lower it could set up an even more attractive entry for those with long-term conviction looking to accumulate.”

The firm also expressed similar sentiments in regard to the price action of Ether, which briefly fell below $4,000 earlier on Nov. 18. Delphi Digital highlighted the fact that Ether is attempting to flip a long-term resistance level established back in May into support, suggesting that if it manages to do so, ETH will “look primed for trend continuation to the upside.”

Major support and resistance levels for Ether. Source: Delphi Digital

Delphi Digital said:

“If price support gives way, the hope for bulls would shift to a possible retest and bounce off the upper trend line established from the May 2021 top to the Sep. 2021 high.”

Long-term holders can rest easy

Further analysis on Bitcoin’s price was provided by options trader and pseudonymous Twitter analyst “John Wick,” who posted the following tweet highlighting the fact that even experienced traders are finding themselves concerned by Nov. 18’s price action.

The dip in price seriously challenged the lower bound of the current support zone, as “probabilities are starting to stack against it holding,” which Wick pointed out is really only an issue for short-term traders and that long-term hodlers shouldn’t be too concerned by this type of price action.

Related: Bitcoin falls to a 1-month low after a 6% dive drops BTC price to $56.6K

Ether is still holding a bullish market structure

As far as Ether is concerned, market analyst and pseudonymous Twitter user “Pentoshi” posted the following chart highlighting the break below the previous ascending channel and retest of the support and resistance level found at its previous all-time highs.

ETH/USD 1-day chart. Source: Twitter

While some traders in the market have taken this as an ominous turn of events, Pentoshi sees the move as a positive development because it “is one of the things in the market still with bullish market structure.”

Pentoshi, however, did offer a few words of caution, saying:

“What you don’t want to see is it going back under those ath’s on a closing basis.”

The overall cryptocurrency market capitalization now stands at $2.508 trillion, and Bitcoin’s dominance rate is 43.4%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, and you should conduct your own research when making a decision.

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