As of the 22nd of November, the price of Bitcoin seems to be on a rise, and a rally throughout the entire crypto market does suggest that the piece of BTC, Binance Coin, and Ether could simply be bouncing off the yearly lows of the last couple of years.
The current rally in the cryptocurrency industry along with a few other altcoins could be indicative of the market initiating a process that would complete the purge dispute the liquidity issues that have been faced by Genesis Trading, as well as the Digital Currency Group- which remain unsolved.
Interestingly, the stock market has also displayed a lot of green candles with the Dow Jones Industrial putting up a gain of 0.94% and the S&P 500 rallying by 1%. With the jobs report in November about to be released on the 2nd of December, the equities traders would be looking towards strong growth that would show the market some resiliency- further driving the prices higher.
Bitcoin’s Price Seems To Be On The Rise
As reported by Cointelegraph, the price of Bitcoin will remain quite closely correlated to the equities of the USD/BTC exchange- while displaying the same dynamics in price. Ever since the price of the cryptocurrency crashed to $17,600 on the 18th of June, the open interest of BTC futures contracts has been on the rise. The sharp moves in the price of the cryptocurrency could further trigger another liquidation event, but it does seem quite difficult to determine if the move would be considered an upside or a downside.
As it has been well documented, the Relative Strength Index is a popular technical analysis for measuring if the Bitcoin price is oversold or overbought. When the RSI gets under 30, the cryptocurrency is considered to be sold.