Bitcoin (BTC) November selling pressure concentrated during U.S. trading hours

JH Kim

Summary

Bitcoin (BTC)'s November selling pressure was reported to be mainly concentrated during U.S. trading hours.
Volatility was limited during Asian and European trading hours, while it said it fell by about 30% in the U.S. market.
It explained that Bitcoin is heavily influenced by its correlation with U.S. tech stocks, high leverage, and U.S. macro variables.

Bitcoin (BTC)'s selling pressure in November was found to be mostly concentrated during U.S. trading hours. This contrasts with relatively stable flows in Asian and European markets.

On the 25th (local time), according to virtual asset (cryptocurrency) specialist media CoinDesk, Bitcoin fell about 30% during U.S. trading hours in November. Meanwhile, during Asian and European trading hours the range of fluctuations was limited, and in some periods declines were slight.

Kyle Rodda, chief market analyst at Capital.com, said, "Bitcoin has always shown a high correlation with U.S. tech stocks," and added, "Both assets are representative risk assets and are greatly affected by the outlook for U.S. monetary policy."

He also added that because the Bitcoin market has a high proportion of retail investors and active trading using high leverage, price reactions to changes in U.S. macro variables appear more sensitive.

This analysis also aligns with observations that recent policy signals from the U.S. Federal Reserve (Fed) are influencing increased volatility in the cryptoasset market.