Bitcoin had the hardest day in the past two months on this Black Friday and many wonder if a healthy pullback is possible. Bitcoin has finally become one of the top indicators of global market sentiments. Its reaction to the spread of the new Covid variant is another proof of this status. At the end of the last week, on November 26, 2021, it hit $53,549 — the lowest level since October 2021. This slump made 20% from Bitcoin’s all-time high reached the beginning of November. A decline above 20% from recently attained highs usually accompanies the bearish market. Throughout one day, November 26, Bitcoin had lost $6000.
This collapse affected other cryptocurrencies with Ethereum slumping more than 10%. Also, the U.S. stock futures and European stocks did react to the news and sank notably. It was reported that some corporate investors, such as MicroStrategy, took this slump as the opportunity to use the “buy the dip” strategy.
However, the new week started with a $4000 surge of Bitcoin. The purchase of 7000 BTC by MicroStrategy was one of the main factors of growth. Following this optimistic upsurge, the price has rebounded to somewhat of the level of $56.000.
In all appearances, the $60.000 mark is still a major resistance for the price. While short-term gains were possible on Monday, the future middle-term trend for Bitcoin is still uncertain.
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