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Bitcoin holds steady at $55,500

Bitcoin declined 4.05% on Monday, November 22. During the North American session, price action rose to $59,444, from which it slipped to $55,610 (-$3,834). Prices initially gained on news that US President Joe Biden nominated the current Fed chair Jerome Powell for a second term. The second candidate, Leil Brainard, was nominated for the position of Vice Chair.

The outlook for the market looks good under Powell. He, Brainard and other colleagues have not taken a draconian stance on cryptocurrencies. Powell does not intend to ban cryptocurrency, although he does emphasize the need for regulation.

Sellers eventually gained the upper hand as the DXY index is negatively correlated when the markets experience risk aversion. Over the past five trading days, the situation has not improved for buyers. They remain stuck in defensive mode above the $55,500 level. The market needs some positive news to push higher.

The resistance zone has expanded from $60,950-$61,400 to $59,620-$61,400. DXY futures are hovering near YTD highs. The dollar is appreciating amid higher UST10Y yields. UST growth is capped by the recovery in gold prices and equity indices. In the upshot, market participants await fresh news to figure out which way prices are moving.

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