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

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Bitcoin (BTC) dumped nearly $ 5,000 in a single day on November 26 as bulls faced a recent disappointment.

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BTC / USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Bitcoin targets $ 54,000

Data from Cointelegraph Markets Pro and TradingView followed by BTC / USD as it headed towards $ 54,000 at the time of writing amid intense volatility.

Owners saw significant selling pressure after coming in at $ 60,000 inches late Thursday, the latest attempt to overcome resistance however ending in a retreat.

Hours later, Bitcoin returned to its lowest level since mid-October, and firmly justified those who assumed the current break of a bullish top was not yet over.

“Not quite there, but hopefully soon,” analyst Willy Woo said said about one indicator suggesting an incoming – but not immediate – return to form.

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Crypto-liquid diagram. Source: Coinglass

Anyone too enthusiastically betting on correct moves ending felt the pain on Friday, however, as a 24-hour cross-crypto. liquidations spent $ 630 million.

However, not everyone was surprised or even dismayed by the events. Michaël van de Poppe, a collaborator of Cointelegraph, called the current price “nice”.

“A lot of pumps on markets are fully tracked,” he added in Twitter comments ahead of a recent market update.

US dollar reverses accumulation

Altcoins did not respond well to the fall of Bitcoin, with many major tokens overpowering BTC against the US dollar in terms of losses.

Related: Bitcoin bulls have a lot to be thankful for despite BTC ‘probably’ not hitting $ 98K in 5 days.

Ether (ETH) dropped 5.8% compared to Bitcoin’s 4.8%, with others seeing closer to 10% wiped out by spot price on the day.

Van de Poppe advised traders not to “chase the pump” on altcoins, as markets have shown that repeated volatility remains a key feature in the short term.

In the background, the U.S. dollar finally began to flicker, ending a winning streak that saw the U.S. dollar currency index (DXY) hit its highest since June 2020.

While traditionally inversely correlated, Bitcoin looked more like an imitation, as DXY targeted 96 for support.

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Index of currencies of US dollar (DXY) 1-hour candlestick chart. Source: TradingView