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Bitcoin still rangebound at $53,950-59,110

The BTCUSDT pair closed higher on Tuesday, November 23, up 2.3% at $57,541. During the European session, the bears drove the price back down to $55,317. The bulls tapped into this move and snapped up the asset above $58k. However, the rebound was short-lived. After pulling back to $55,944, Bitcoin continued to hover around $57,800. Ether is faring better as it is bought with Bitcoin. The ETHUSDT pair rose 6.20% to $4,339.

BTC continues to trade within a 9% range, with a downside bias. The cryptocurrency came under pressure due to the dollar rally. On Wednesday, the DXY index set a YTD high on the back of weak macro data out of Germany. The DXY has a euro component with a 57.6% weight. The euro is in decline, whereas the dollar index is on the rise. The dollar has been gaining since September 2020 on expectations of QE tapering, and more recently on expectations of a rate hike during H1 2022.

Additional pressure on the cryptocurrency market came from India. The country's government submitted a cryptocurrency draft bill to parliament yesterday for debate. Some investors resorted to panic selling. The draft bill "seeks to ban all private cryptocurrencies in India. However, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses." The definition of private cryptocurrencies and the content of the bill remain unknown.

A string of US macro data is scheduled for release today (13:30 GMT). At that time, a spike in volatility can be expected in the currency and stock markets. The cryptocurrency market will experience an upsurge in activity if the data causes sharp fluctuations in the dollar. Today’s trading range for BTC is $53,950-59,110.

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