Bitcoin (BTC) continues to be pinned down below $60,000 indicating that higher levels are attracting selling from traders.
The S&P 500 made a new all-time high today on reports that U.S. President Joe Biden renominated Jerome Powell to serve a second term as the Federal Reserve chair. This news also boosted the U.S. dollar currency index (DXY) to its highest level since July 2020.
Usually, sharp gains in the DXY are inversely correlated with Bitcoin and the same can be seen in November of this year as well. While the DXY is up about 2.3% in November, Bitcoin is down roughly 5.5% during the same period.
Daily cryptocurrency market performance. Source: Coin360
Independent market analyst, TechDev, said Bitcoin’s performance in 2021 is following the price action of 2017 but