Meanwhile, the major cause of the recent dip was the strong pick up in the US dollar (DXY), following the decision to forego a second stimulus relief bill before the presidential elections on November 3 by the Treasury Secretary, Stephen Mnuchin.
Over the months, Bitcoin has grown significantly, especially as central banks across the globe made moves—including ultra-low interest rates, infinite bond-buying, and massive stimulus aids—to prop-up their economies following the pandemic-induced economic crisis.
That said, investors expected that Bitcoin would get yet another boost upon the finalization of a second stimulus package. However, with the prolonged politically-inclined stimulus debates, investors started flicking back to the safety of the greenback. The outright cancellation of another stimulus round by the Treasury Secretary could cause some near-term problems for Bitcoin’s demand.
Also, the recent setback in the preparation of a COVID-19 vaccine has added to the booming risk-on mood across markets, which is influencing BTC negatively.
Key BTC Levels to Monitor in the Near-Term
Bitcoin has been in a prolonged consolidation range between $11,600 and $11,284 for the fifth consecutive session now. Currently, the benchmark cryptocurrency is locked in a battle with the $11,600 resistance, following a sharp drop to the $11,280 level yesterday.
With its current momentum, BTC could likely break this resistance soon as investors keep their eyes on $12,000.
Total market capital: $364 billion
Bitcoin market capital: $214 billion
Bitcoin dominance: 58.7%
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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