Bitcoin Offers ‘Black Friday Deal’ At Less Than 55K BTC – Just Like 2020

Bitcoin (BTC) could fall 20% off all-time highs, but this is a golden opportunity to “buy the dip,” analysts say.

Black Friday lives up to its name in crypto this year as Bitcoin and many altcoins are trading at six-week lows.

Worries over $53,000

After an overnight sell-off triggered by a drop in the US dollar and macro markets shaken by a new variant of the coronavirus, BTC/USD is trading near $54,000.

While the mainstream media is highlighting fall, others are far from worried – current prices arguably present a golden opportunity to enter.

Aharon make fun of fun In an unusual article from Bloomberg, the publication initially declared that bitcoin had “entered a bear market.”

On short-term targets, popular trader and podcast host Scott Melker warned against going with the herd, anticipating lower levels to buy.

“It looks like we all would like to see 53K, which usually means we either make a lead at 53.5K or have straight nuclear prices and we are the HFSP” chirp.

“The crowd rarely gets what it wants.”

In a sign that the sale is likely not over yet, Financing rates Across stock exchanges are still up despite 24 hour liquidations Approximately 700 million dollars.

Bitcoin finance price chart. Source: Coinglass

Remember last Black Friday?

Meanwhile, Melker also noted the unusual relationship between the US dollar and bitcoin thanks to the virus shake.

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

As Cointelegraph often noticedBitcoin tends to show an inverse correlation with the US dollar, as the latter snapped a long winning streak on Friday.

Far from fueling the strength of Bitcoin, the largest cryptocurrency has fallen with both the macro markets and the US Dollar Index (DXY).

Standing in the way of further losses on Bitcoin is a large block of buyer support at $53,000 – roughly the area that matches Bitcoin’s $1 trillion market cap.

Meanwhile, the historical data serves as a timely reminder that Black Friday deals are a common feature of Bitcoin.

In late November 2020, the BTC/USD pair dropped to around $16,400 – and then moved on to top $20,000 for the first time in three years.

BTC/USD 1 day candle from November 2020. Source: TradingView