Unrest in China, concerns about the global economy and another large bankruptcy in the crypto sector threaten to push Bitcoin and altcoins below their most immediate support levels.
holding more than $1 million worth of Bitcoin. There were 112,898 millionaire wallets on Nov. 8, 2021, but Glassnode data shows that as of Nov. 25, only 23,245 wallets boast of a Bitcoin balance worth $1 million or more.
Contrarily, if the price turns down from the current level or the overhead resistance but bounces off the 20-day EMA, it will suggest that traders continue to buy on dips. That could improve the prospects of a break above the downtrend line. If that happens, the index could rise to 4,300. Such a move will suggest that the downtrend has ended.The U.S. dollar index turned down from 108 on Nov.
On the upside, buyers will have to pierce the resistance at 108 to signal a strong comeback. The index could then rise to the uptrend line where it may face tough resistance from the bears.Bitcoin’s relief rally could not even reach the 20-day EMA , indicating that traders are hesitant to buy at higher levels. The sellers will now try to pull the price to the crucial support at $15,476.
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