RATE Group | Strong Bounce at $6.5K Enough for a Bullish U-Turn?
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Strong Bounce at $6.5K Enough for a Bullish U-Turn?

26 Nov Strong Bounce at $6.5K Enough for a Bullish U-Turn?

Posted at 02:16h in Bitcoin News by

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Bitcoin (BTC) closed the week down at $6,900 having lost around $1,400 or 18.72%. Monday got off to a disastrous start for the bulls, with a selloff in the Asian market session, losing another 5.5% finding lows of $6,500 before the bulls responded with a 13% swing back over $7,300. 

As has been witnessed recently, Bitcoin has continued to dictate the valuation across the cryptocurrency market as a whole. Notably, Ether (ETH) briefly traded around $130, but has since recovered and is now attempting to retake $150, up around 6% for the day.

Bitcoin dominance continues to attempt retaking 70% and looks likely to do so in the near future. 

With volatility returning to the BTC market, we will take a look to see if this is a relief rally or if there are signs that this is more of a pivotal moment for the number one crypto asset.

Cryptocurrency market daily view. Source: Coin360

Weekly chart

BTC USD weekly chart. Source: TradingView

Bitcoin failed to close the week above the 100-week moving…

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