Bitcoin holds $57K amid warning weak hands could fuel a fresh BTC price dip

Bitcoin (BTC), showed signs of strength on the Wall Street Open on Nov. 29, as macro markets eased some of last week’s fear.

BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView

Crypto edged out of “extreme Fear”

TradingView and Cointelegraph Markets Pro confirmed that BTC/USD held $57,000 at the time of trading’s beginning Nov. 29.

Despite the weak start in Asia’s markets, U.S. market were upbeat after Nov. 26th’s rout. The S&P 500 made up some of its 2.3% losses.

Bitcoin was part of the better mood, with overnight performance reaching 7% at one point. This allowed for local highs above $58,300.

After hitting its lowest level since September, sentiment reflected these changes. The Crypto Fear & Greed Index rose from 21/100 up to 33/100 — “extreme fear to “fear,” after reaching its highest point.

Crypto Fear & Greed Index. Source: Alternative.me

“The market is bouncing,” Cointelegraph contributor Michael van de Poppe summarized.

“Hopefully, this weekend has taught you to be calm when it comes down to the markets. Fears were high this weekend but quickly faded away. Never buy after large red candles. That’s emotion-based. Calm down!

However, BTC price action remained in a downward channel on daily timeframes. This was bordered with the $60,000 zone which has previously turned from support to resistance.

Material Scientist, an analytics resource, was cautious about the possibility that there would be a new dip in market optimism.

It told Twitter followers that “a lot of BTC bid liquidity was taken” and also provided an updated orderbook map.

“Don’t be surprised that stop hunters will pursue weak hands and late longers. Make sure to plan accordingly

BTC/USD heatmap segment as at Nov. 29. Source: Material Scientist/Twitter

MicroStrategy “buys a dip” up to $400 million

However, among stronger hodlers, Bitcoin profitability conviction showed no signs of being shaken.

Related: When will BTC cease to exist in November 2021? Five things to keep an eye on in Bitcoin this week

It was revealed that El Salvador and MicroStrategy, a serial corporate investor, took advantage of the “buy the Dip” opportunity last week.

According to filings, the company added more than 7,000 BTC to its Treasury at an average price just above $59,000. This brings its total holdings to 121 044 BTC ($6.93 Billion).

https://cointelegraph.com/news/bitcoin-holds-57k-amid-warning-weak-hands-could-fuel-a-fresh-btc-price-dip

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Donna Burk

Donna Burk– Business News My Name is Donna Burk and I am also the main source from the ‘Dailynewssheet.com’ of all the exclusive and most delicate visualization of the activities in the business sector. My first step towards this journey was taken in the very early years of my life. I started with an independent financial consultant. However, I only had almost 4 years of skills and experience in this market. I have always been a free personality and like to fly one place to another, to explore more and more. Moreover, this passion and craze of traveling gave me a chance to report a section for best news associations. Last but not least, I am presently working full-time as an editor.

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