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Bitcoin still pressured by sluggish demand for risk assets

Bitcoin ended the past week in the red. The price dropped 10.53% to $58,622. The decline started from $66,400. Buyers sustained the heaviest losses at the beginning of the week. The trigger for selling cryptocurrencies was the strengthening of the dollar amid risk aversion due to the tightening of anti-coronavirus measures and the imposition of lockdowns in a number of European countries.

From a low of $55,600, price action recovered to $60,029. During the correction, buying activity and volumes remained low. During the Asian session on Monday, November 22, the BTCUSD pair retraced to $56,766. Uncertainty across global markets persists due to a new wave of the pandemic. In addition to the Covid flareup, the dollar is rising across the board on expectations that the Fed will start to raise interest rates sooner than previously expected.

Buyers will need to wait for a downward correction in the DXY index, or positive news in the crypto currency industry, which would offset the negativity that currently weighs on risk-sensitive assets.

The next support levels are located at $54,550 (on the 1H timeframe) and $50,700 (on the 1D timeframe). In order for buyers to jump back into the market, price action would first need to secure a foothold above $61,500. The next condition would be a breakout of the trendline at $69k.

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