Bitcoin is currently trading at $60882, approximately 2% lower than the previous day. The market cap of $1.09 Trillion has also increased 1.72% in the past 24 hours. As bears threaten all that has been done in the lead up to November 10, the BTC bulls are trying to keep the crypto big-name above $57,000 support.

BTC is currently at 17% below its November 10, all-time high of $69,000 (ATH). Analysts say this is the weakest BTC price correction so far in the year.

It's Business as Usual for Bitcoin Hodlers

Bitcoin (BTC), has been bullish for most of 2021, hitting an all-time high after another. The weekly chart shows Bitcoin price action and should not be taken as a sign that BTC holders are unshaken. The Bitcoin correction at the moment, which is approximately 17% below the recent ATH of $69,000, is less than the declines that were experienced in the past.

Forbes and other mainstream media outlets have suggested that the current price correction could push the crypto market back into bearish zones. In their November 30 article, they featured the headline "Did Bitcoin enter a Bear Market after Falling 20% from Its ATH?"

The current dip is actually the smallest, compared to previous bullish periods. It's also the weakest correction in 2021. This is overshadowed somewhat by Bitcoin's huge 55% correction over the three-month period from April's high of $64,000 to July 20 low of $29,200.

The September correction was second-deepest in 2021. It occurred when BTC fell 27% from a high of $53,146 (September 07) to a low at $38,400 (September 21).

Glassnode, an online analytics provider, referred to the current BTC Correction as "business as usual" for Bitcoin hodlers, hinting at a rebound soon. The Week Onchain report, released November 29, also confirmed that the "drawdown at ATH" was one of the most severe in 2021.

Weekly Chart BTC/USD

Comparatively to previous years, the ATH dropped 48% from $20,000 to $6,000 in December 2017 to a low of $6,000 in February 2018.

Bitcoin Price May Be Presenting A Santa Claus Rally

There is no reason to be concerned as BTC remains bullish. Some believe that BTC could still rally to Santa Claus, even though markets are falling due to Omicron variant's worsening situation and Fed Chair Jerome Powell’s hawkish taper remarks. This refers to the price increase of shares during the last five trading days of December and every year's first trading day of January. It takes a little longer for crypto markets, as prices usually rise throughout December.

In December 2020, for example, the BTC price surge was 47%. In December 2017, the rally reached an even greater height, with an 80% pump bringing prices to an all-time high. Both were in bull market conditions like the one we are currently in.

The bulls need to hold above the $56 support level in order to push the price higher than the psychological $60,000 mark. If the large crypto experiences a Santa Claus rally like the one last year, then a move to a new price of $80,000 may be possible.

Daily Chart BTC/USD

The bullish narrative is accentuated with the entry of Stochastic Relative Strength Index, (RSI), into the overbought area as shown on the same daily charts. As Bitcoin supporters remain optimistic about the Santa Claus rally, this means there is still room for the bullish run.

Not to be overlooked is the fact that the Parabolic SAR just changed from bearish to bearish, and has flipped below the price, adding credence to the bullish outlook. BTC will continue to be bullish as long as it remains below the price. As the distance between the dots grows, the parabolic SAAR will also remain below the price.

Nikita Rudenia was co-founder of 8848 Invest, an investment management consultant.

Investors are hopeful that BTC will continue its historical bullish trend and close November below the $60,000 target.

Despite all the setbacks, Bitcoin is still on pace to close the year at $70,000 per currency. If this feat is achieved, Bitcoin could touch $75,000 by early 2022, before any major correction.

The flip side is that uncertainties surrounding the new Covid-19 Omicron version could dampen the party if it has a significant impact on global financial markets or if more lockdowns are imposed.

Failure to surpass $60,000 could lead bears to push Bitcoin towards the 100-day Simple Moving Average at $54,359. This will cause massive orders to buy Bitcoin and it will tag the 200-day SMA of $46,145.

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By: Nancy Lubale
Title: Bitcoin Price Trades 17% Below The $69K All-Time High – Buy BTC Now
Sourced From: insidebitcoins.com/news/bitcoin-price-trades-17-below-the-69k-all-time-high-buy-btc-now
Published Date: Wed, 01 Dec 2021 10:25:26 +0000