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Bitcoin (BTC) continues to be pinned down below $60,000, indicating that higher levels are attracting selling from traders.

The S&P 500 made a new all-time high on Nov. 22 due to reports that United States President Joe Biden had renominated Jerome Powell to serve a second term as the Federal Reserve chair. This news also boosted the U.S. dollar currency index (DXY) to its highest level since July 2020.

Usually, sharp gains in the DXY are inversely correlated with Bitcoin and the same can be seen in November of this year as well. While the DXY is up about 2.3% in November, Bitcoin is down roughly 5.5% during the same period.

Daily cryptocurrency market performance. Source: Coin360

Independent market analyst, TechDev, said Bitcoin’s performance in 2021 is following the price action of 2017 but with a lag of 5–8 days. If the correlation continues, the eagerly awaited blow-off top phase in Bitcoin is likely to occur.

Could the current fall be the final dip before the resumption of the uptrend or is the decline the start of a sharper correction? Let’s study the charts of the top 10 cryptocurrencies to find out.