is BTC nears bear market territory?
Bitcoin should have ended November around $98,000 in a worst-case scenario, but a number of factors cooperated to deliver a significantly lower monthly close. On Nov. 10, BTC reached an all-time high of roughly $69,000 and has since dropped around 17% to current levels.
BTC Price Analysis
According to some mainstream media outlets, the current pullback has pushed markets back into bearish territory. However, November’s drop was the weakest correction of 2021, dwarfed by Bitcoin’s massive 53.4 percent drop in three months between April and July.
The most recent correction, which occurred in September, was the second deepest, reaching a depth of 37 percent from the ATH in April.
BTC is back at $57,000 on Thursday, having completed a full circle in just 24 hours. The pair had briefly touched $59,000 at the start of the Wall Street session the day before, but this failed to hold as another wave of macro triggers skewed sentiment to the south. As a result, Bitcoin plummeted in line with stocks, which appeared to be reacting to the new coronavirus omicron variant’s persistent concern.
At the time of writing BTC is standing at $56,576.79 with the decrease of 1.31%. It has market cap of $1,068,674,283,554 along with trading volume of $35,521,572,265.
Michaal van de Poppe, a Cointelegraph contributor has recently tweeted and according to him
“Below $60K I’ve remained cautious/bearish as I’d like to see that area flip. ”
It’s very simple.
Below $60K I’ve remained cautious/bearish as I’d like to see that area flip.
Levels to watch for buys; $53K-54K zone and $47-50K zones for #Bitcoin.
When to buy #altcoins? December.
Nothing has changed past weeks.
— Michaël van de Poppe (@CryptoMichNL) December 1, 2021
Meanwhile, due to its huge volume in comparison to price action, open interest in Bitcoin futures recently matched its second-highest levels in history, close to its April record.