Bitcoin logged mild gains on Monday, November 30. Price action rose 0.88% to $57,776. The price peaked at $58,865 during the North American session.
Calm returned to global markets, with optimism prevailing as investors reconsidered their worst-case scenarios for the new coronavirus strain. Equity benchmarks closed higher, while UST yields retreated.
The BTCUSD pair is still trading within a 10-day price range, which is 12%. Buyers continue to show weakness amid a strengthening dollar in anticipation of QE cut and an earlier than expected Fed rate hike. Today the market came under pressure from risk aversion.
Sentiment in the FX and cryptocurrency markets deteriorated after The Financial Times (FT) shared comments from Moderna CEO Stephane Bancel that the South African variant of the coronavirus, dubbed Omicron, was exacerbating pandemic challenges. Bancel claimed that existing Covid-19 vaccines are likely to be less effective against the Omicron variant than previous variants.
In light of the new coronavirus strain, investors have rolled ahead their expectations of a rate hike from June to September 2022. Accordingly, buyers have a time window until year-end to retrace to the ATH. To reach this goal, buyers will need to break out of the $60k-61,500 range and gain a foothold above it for three days. If this happens, we can expect the uptrend to gain traction. Support remains between the $50k-51k levels.