Bitcoin reaches its 6-week lowest level in hours as 24-hour cryptocurrencies close to $ 650 million

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Bitcoin (BTC) threw nearly $ 5,000 in a single day on November 26 when bulls met with new disappointment.

BTC / USD 1-hour light chart (bit stamp). Source: TradingView

Bitcoin aims for $ 54,000

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

Holders saw great selling pressure after arriving within inches of $ 60,000 late on Thursday, the latest attempt to beat the resistance still ended in retreat.

Hours later, Bitcoin was back at its lowest level since mid-October, firmly confirming those who assumed that the current break from the bullish upside was not yet over.

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

Crypto liquidation diagram. Source: Coinglass

Anyone who enthusiastically bet that corrective moves were over felt the pain on Friday, but as a 24-hour cross-crypto liquidations passed $ 630 million.

Yet not everyone was surprised or even surprised by the events. Cointelegraph contributor Michaël van de Poppe called the current award “beautiful”.

“Many pumps in markets are being fully tracked,” he added in Twitter comments ahead of a new market update.

US dollar turns rally

Altcoins did not respond well to Bitcoin’s fall, with many large tokens surpassing BTC against the US dollar in terms of losses.

Related: Bitcoin bulls have a lot to be thankful for even though BTC “probably” does not reach $ 98K in 5 days

Ether (ETH) lost 5.8% compared to Bitcoins 4.8%, while others saw closer to 10% deleted from the spot price on the day.

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

In the background, the US dollar finally started to flag, ending a profit suite that had seen the US Dollar Currency Index (DXY) beat its highest since June 2020.

Although traditionally correlated, Bitcoin looked more like a copycat as DXY targeted 96 for support.

US Dollar Currency Index (DXY) 1-hour chart. Source: TradingView