Bitcoin hits 6-week lows in hours with 24-hour cryptocurrency liquidation near $650 million

Bitcoin (BTC) losing nearly $5,000 in one day on November 26 as the bulls faced a new disappointment.

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

Bitcoin targets $54,000

information from Cointelegraph Markets Pro And TradingView BTC/USD is following as it is trending towards $54,000 at the time of writing amidst heavy volatility.

Shareholders experienced significant selling pressure after hitting the $60,000 range late Thursday, with a last-ditch attempt to beat resistance ended in a pullback.

Hours later, Bitcoin is back at its lowest level since mid-October, solidly proving those who assumed that the current breakout from the upside is far from over.

“Not quite there but hopefully soon,” said analyst Willy Wu She said About a single indicator that hints at an incoming – but not immediate – return to the model.

Cryptocurrency filter chart. Source: Coinglass

Anyone betting too zealously that corrective moves will end was in pain on Friday, as 24-hour cross-currency crypto runs qualifiers exceeded 630 million dollars.

However, not everyone was surprised or even surprised by the events. Michael van de Poppe, a Cointelegraph contributor, described the current price action as “beautiful.”

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

The US dollar is reversed on the rise

Altcoins did not respond well to the fall of Bitcoin, as several major coins outperformed BTC against the US dollar in terms of losses.

Related: Bitcoin Bulls Have Lots to Be Thankful For Even though BTC ‘Probably’ Didn’t Hit $98K in 5 Days

ether (ETH) is down 5.8% compared to Bitcoin’s 4.8%, while others have seen nearly 10% erased from the spot rate on the day.

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

In the background, the US dollar is finally starting to emerge, ending a streak of gains that saw the US Dollar Currency Index (DXY) rally. the above Since June 2020.

While Bitcoin is traditionally inversely correlated, it looked like a copycat because DXY targeted 96 for support.

US Dollar Index (DXY) candlestick chart. Source: TradingView