On Tuesday, November 16, at the end of the day, bitcoin fell by 5.58% to $60058. From a maximum of $69,000, the drop was 12.96%. Despite punctures up to $58500, buyers have enough strength to maintain the psychological level.
On Wednesday, the dollar index rose to a maximum of 96.27 p in Asian trading. Today, in the foreign exchange market, stops on long positions were torn off for the main pairs, after which there was a rebound. The dollar index retreated to 95.87 p. Bitcoin bounced along with everyone else.
The dollar rally yesterday was caused by strong data on retail sales, industrial production and the housing market in the United States. Published reports indicate an early rate hike by the US Federal Reserve. This is confirmed by the President of the St. Louis Fed and FOMC member James Bullard. He said the Fed should become more aggressive during the next meetings. If the bank accelerates the pace of quantitative easing reduction to $30 billion per month, this may provide an opportunity for raising rates in the first quarter of 2022.
Sellers did not break the back of the bull market, but weakened the position of buyers
The day closed below $61,000. Now they have the level of $55 thousand in their sights, and the level of $51 thousand for bitcoin has also appeared on the radar.
The cryptocurrency fear and greed index fell by 19 points to 52, entering neutral territory. The struggle continues. Straits are now at 8-10%, but we can again see a bloodbath of 20%, after which buyers will recover for about three months. There are no ideas yet.