Bitcoin Awaits Bullish Catalyst
  The latest moves in crypto markets, in context Edited by Omkar Godbole November 23, 2021 Sponsored by  (Price data as of November 23 @ 12:50 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.
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Market Moves by Omkar Godbole Bitcoin was trading weak early Tuesday, having penetrated support at $57,653, the Oct. 23 low. The leading cryptocurrency by market value has been losing ground since reaching record highs near $69,000 on Nov. 10.
"There hasn't been any strong catalyst to propel bitcoin's price forward, and whales [large investors] have not been accumulating like they did in previous bull runs – which paints how global macro uncertainties have kept prices muted," Stack Funds' head of research Lennard Neo said.
Stack Funds' COO and co-founder Matthew Dibb said the pullback represents a typical bull market correction and may be extended further. "There is mounting concern that inflationary pressures will cause a drop in risk assets, including bitcoin. We believe it will happen at some point, but it is not exactly imminent," Dibb said.
Action in traditional markets indicates potential for a deeper drawdown. The reappointment of Jerome Powell as Chairman of the Federal Reserve, by U.S. President Joe Biden on Monday, reinforced bets that the central bank would hike rates faster to control inflation. U.S. stocks erased early gains, while gold and silver fell after Powell's reappointment. The dollar index hit a 16-month high of 96.60 early Tuesday and the U.S. two-year yields rose to 0.63%, the highest since March 20. 
Technician's Take by Omkar Godbole  Potential Double Bottom in Bitcoin  BTC's 4-hour chart (Source: TradingView)
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"First Mover" hosts speak to Minnesota Congressman Tom Emmer (R) as he joins other lawmakers to introduce the "Keep Innovation In America Act" bill to modify crypto tax provision in the infrastructure law. Bitcoin continues trading below $60K as investors eye inflation numbers and Biden's Fed Chair nomination. Arca Chief Investment Officer Jeff Dorman shares his market insights.
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.
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