On Tuesday, November 23, trading on the BTC /USDt pair ended with growth. Bitcoin rose 2.3% against the US dollar to $57541. During the European session, the bears pushed the price south again to $55317. Buyers intercepted this movement and brought the asset to over $58,000. The jump was short-lived. After the pullback to $55944, bitcoin continued to jump around $57800. Ether feels better, as it is bought for bitcoin. The ETH/USDt pair increased by 6.20% to $4339.
The cue ball remains trading in the range of 9% having a downward bias.
The cryptocurrency is under pressure due to the dollar rally. On Wednesday, the dollar index (DXY) updated its annual maximum amid weak statistics in Germany. The DXY index consists of 57.6% of the euro/dollar pair. The euro is weakening — the dollar index is growing. The dollar has been getting more expensive since September 2020 on expectations of curtailing QE, and now on expectations of a rate hike in the first half of the year.
Additional pressure on the cryptocurrency market comes from India. The government of the country submitted a cryptocurrency law to parliament yesterday for discussion. Some investors began to sell cryptocurrencies in a panic. The bill’s description in the bulletin states that it aims to ban all private cryptocurrencies in India, but allows certain exceptions to promote the technology underlying the cryptocurrency and its use. The definition of private cryptocurrencies and the content of the bill are not known.
A macrostatistics block in the USA is scheduled for today (16:30 Moscow time). At this time, a surge in volatility in the currency and stock markets is expected. The crypto market will catch on if statistics cause sharp fluctuations in the dollar. The trading range for today is $53950-59110.