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Fear is back with a vengeance on the crypto market

Bitcoin sank 5.72% to $56,891 on Thursday, November 18. In Asian trading on Friday, price action dropped to $55,600 as the correction continued to deepen. Sellers rolled the price back to October lows. The BTCUSD pair is 19.4% off its all-time high. It has been dropping at a rate of about 2% per day. The decline shaved about $469 bln off market cap, which declined to $2.510 trln.

Fear has reignited on the crypto market. The cryptocurrency Fear and Greed Index stands at 34 compared to 54 a day earlier.  Players are buying into the dip, but leveraged days traders are quickly closing longs and opening shorts. According to Coinglass, $2.5 trln worth of long positions has been liquidated since November 10.

Risk aversion holds sway on the FX market today. The Austrian Chancellor announced the introduction of a nationwide lockdown due to a spike in COVID-19 infections. German Health Minister Jens Spahn said the country was in a state of emergency. Vaccinations are not helping, so restrictions are needed to halt the rise in cases.

Coronavirus news exerts a strong impact on risk-sensitive assets. Bitcoin shows low sensitivity to such news, but is highly sensitive to issues driving risk assets. So a protracted dollar rally will in any case negatively affect the price of Bitcoin and other altcoins.

By the time of writing, BTC was trading at $57,146. The rebound was 3.3%. The $54,500-$55k zone acts as interim support. The resistance level is located at $58,750.                                                                                                                                                                                                                   

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