Bitcoin, the world’s largest cryptocurrency, stayed weak on Tuesday and near-critical levels that analysts believe could spell further weakness if breached.
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The Bitcoin fear and greed index on Tuesday, November 23, 2021, went from the neutral level of 54 to the fear level of 33 as per the alternative. me. The Fear and Greed index is a technique for assessing investors’ emotions toward the market.
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Bitcoin is currently trading around $56,617.84, down 1.22%. In the last 24 hours, the highest it touched was $59,266.36 and the lowest was $55,679.84. Bitcoin has a current market cap of $1,068,946,659,973. It has a circulating supply of 18,880,775.00 BTC coins and a maximum supply of 21,000,000 coins.
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Bitcoin has dropped 18.25% from the November 10 all-time high (ATH) above $69,000 to the current price of around $56,762.
BTC price is facing immediate resistance from the $57,500 level. Flipping this level into support is crucial for BTC to reverse the downtrend.
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A decisive bullish breakout will be seen when BTC overcomes the resistance posed by the middle boundary of the falling channel at $58,941 confirming a bullish breakout.
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The International Monetary Fund (IMF) on Monday said El Salvador should not use bitcoin as legal tender, considering risks related to the cryptocurrency.
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“Given bitcoin’s high price volatility, its use as a legal tender entails significant risks to consumer protection, financial integrity, and financial stability,” the IMF said in its staff concluding statement of the 2021 Article IV mission to El Salvador. “Its use also gives rise to fiscal contingent liabilities.
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The IMF also recently mentioned that crypto-assets present various risks to different aspects of the financial system, while also calling for close monitoring of such risks.
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The Avalanche token, AVAX, surged after creator Ava Labs last week announced a partnership with Deloitte to build more efficient disaster relief platforms. Notably, Avalanche has doubled in the past 30 days and is up over 3,000% over a year.
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The Australian Pension Fund Industry, which is worth A$3.3 trillion, i.e., $2.4 trillion has expressed its doubts about the $2.5 trillion decentralized industry. An eminent figure from the country’s pension fund sphere has levied cryptocurrencies as risky investments, especially for long-term funds in lieu of their highly volatile nature.
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