The Bitcoin price again dipped below $56,000 yesterday, as its pullback from recent all-time highs continues. Can it hold at this level or is there further to fall?
The markets generally were looking broadly positive yesterday, with US President Joe Biden’s announcement that he will renominate Federal Reserve Chairman Jerome Powell temporarily boosting equities and cryptocurrencies alike.
However, Bitcoin’s rally didn’t last long. It’s currently changing hands for just above $56k, down two per cent over the past 24 hours.
There is a school of thought that the current pullback in cryptocurrencies is a natural part of the cycle after a strong rally over the past month, as investors take profits.
The pullback has also echoed a similar drop for gold, which has also now fallen in each of its last three consecutive sessions after a strong start to November. Global…