Utilize the full power of the Metaverse, which will provide you with daily benefits and rewards I'm going in!

Bitcoin provides a 'Black Friday deal' with a sub-$55K BTC price,as in 2020

3 min reading

A curious sense of déjà vu infuses the crypto markets as Black Friday provides a rare purchasing opportunity on prompt.

Bitcoin (BTC) is down 20% from its all-time highs, but analysts suggest that now is a great time to "buy the dip."

This year's Black Friday is living up to its reputation in crypto, with Bitcoin and various altcoins trading at their lowest levels in six weeks.

Concerns about the $53,000 floor

Following an overnight sell-off caused by a falling US dollar and macromarket concerns sparked by a new coronavirus type, BTC/USD is trading near $54,000.

While the mainstream media emphasises the drop, some are unaffected – present prices, in fact, provide a great entry opportunity.

Others mocked a hastily written Bloomberg article in which the publication announced that Bitcoin had "entered a bear market."

In terms of short-term goals, prominent trader and podcast host Scott Melker cautioned about following the herd and anticipating further lower levels to buy.

"We all seemingly want to see 53K, which usually means we get a front run at 53.5K or price nukes straight through and we HFSP," he tweeted.

"The crowd rarely gets what it wants."

Despite 24-hour liquidations approaching $700 million, funding rates across exchanges remain high, indicating that selling is likely not completed.

Remember last year's Black Friday?

Meanwhile, Melker emphasised the remarkable association between the US dollar and Bitcoin as a result of the virus jolt.

According to reports, Bitcoin has a reverse association with USD, which ended a long winning run on Friday.

Rather than strengthening Bitcoin, the largest cryptocurrency has dropped in lockstep with both macro markets and the US dollar currency index (DXY).

A strong block of buyer support near $53,000, the range that correlates to Bitcoin's $1 trillion market value, stands in the way of additional Bitcoin losses.

Meanwhile, historical data provides a timely reminder that Black Friday deals are a recurring pattern in Bitcoin.

BTC/USD fell to around $16,400 in late November 2020, only to rise to and surpass $20,000 for the first time in three years.

Currency Exchange rate Buy cryptocurrency

Utilize the full power of the Metaverse,
which will provide you with daily benefits and rewards

Dear customer,

We use cookies to provide our services correctly and safely. Cookies are small text-based data sets that shall be saved on the device you are using in connection with the use of this instnat website. Cookies are created in order to ensure proper functioning of thes instant website. By clicking the button "I accept and go to the website", you implicitly agree to creation of the cookies on your computer and to deploy automatic tracking and data collection and processing on behalf of the Ommyo.Net (www.ommyo.net). Click the above-captioned button is also tantamount to accepting website's privacy policy. Closing the notification by means of "X" is unequivocally connected with your consent. If you do not agree to any of the above, please discontinue using our Website.

“Cookies” shall make an identification of the software used by you and to customization of this instant website to your needs. Cookies contain the name of the domain from which they origin, duration of period of their storage on your computer and an assigned value.

Third party cookies:
We also use third-party cookies for the following purposes:

  • creating statistics - helping to understand the way Users use the Website, which allows to improve its structure and content with use of the analytical tools
  • defining a user profile - in order to display custom-tailored content in advertising networks.

External entities that might be source of any third-party cookies on this instant Website are as follows:

Using a settings of your web browser or by using pre-set configuration tools available in our service you can independently and at any time change the settings concerning your use of the “cookies”, specifying the conditionsof their storage and how your device is creating and downloading them. These settings can be changed to block the automatic handling of cookies in the settings of your web browser or inform about their placement on your device each time.

Detailed information about the options related to use of “cookies” is available in the settings of your software (web browser).

Service privacy policy

This instant document lays out the principles of the Privacy Policy on the ommyo.news/news/pl website (hereinafter referred to as the "Website" or "Service"). The administrator of the Website is Ommyo.Net c/o Fintech Labs Global Solutions, Unit 303, Ile Du Port, Mahe, Seychelles

The full document to read the ommyo privacy policy is available in this document.

Advanced settings can be changed in your browser.