• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Thursday, May 15, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Crypto Bitcoin

Bitcoin correction continues as price dips to $56k

by Reshab Agarwal
November 19, 2021
in Bitcoin, Crypto, News, Price Analysis
Reading Time: 2 mins read
0
Houston's $5 billion firefighter retirement fund buys $25 million worth of Bitcoin and Ethereum

Image Source: Bitcoin News

TwitterWhatsappLinkedin

In the recent pullback, we saw the price of Bitcoin fall from $66k. And now, as the Bitcoin correction continues, the price has pulled back to $56k, which is a little concerning. There are still a lot of supports all the way to $50k, and BTC could bounce back of any in the upcoming weeks. But it will be essential to see how fast the price can reclaim the $60k and move to new relative highs.

You might also like

iPhone 18 Pro Rumored to Feature Under-Screen Face ID, Redefining Display Design

Sony Faces Tough Choices as U.S. Tariffs Threaten PS5 Pricing and Production

Tesla Reportedly has 10,000 Unsold Cybertruck

Bitcoin’s price action

Bitcoin correction continues
Bitcoin daily chart analysis

The above is a daily chart of Bitcoin, and if you take a look, we have two nearby supports. The first is around $53k, which can be seen by the horizontal line, and another is the trendline which can also give support between $51.5k-$52k. This is a very simple analysis, but it works and considering that the market is currently oversold, we can expect the price to jump back pretty soon.

We should also note that while moving up, $58,400 will be an important level that BTC needs to reclaim and $60k from there. If you are bearish because we saw a huge dip recently, then I understand, but it’s just a matter of time that Bitcoin moves up. We might not see parabolic moves from BTC anytime soon as it is clear that the Bitcoin cycles are lengthening, and that is good as it gives a lot more people the opportunity to invest. Moreover, for people who save and invest, it’s great. So, just buy the dip (Not financial advice😬).

Bitcoin supply is mostly stagnant

While the price of Bitcoin is volatile, its supply is surprisingly not. Most of Bitcoin right now is illiquid and is in strong hands who don’t intend to sell anytime soon. There was a dip in the illiquid supply during the May-June crash, but now the same has recovered and is touching new highs almost everyday. This is important as it is essential to see what people are doing with the Bitcoin they buy, and for most people, it’s hodling.


What are your thoughts on Bitcoin dipping to $56k as correction continues? And do you think that the price will recover from here, or will we retest lower levels?  Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.

Also Read: Sweden’s call to ban crypto mining gets Norway’s support.

Tags: #correctionbitcoin
Tweet54SendShare15
Previous Post

Sweden’s call to ban crypto mining, gets Norway’s support

Next Post

How to view lyrics on Spotify

Reshab Agarwal

Reshab is a tech-enthusiast who likes to write about all things crypto. He is a Bitcoin bull and believes in a decentralized future of finance. Follow him on Twitter for more!

Recommended For You

iPhone 18 Pro Rumored to Feature Under-Screen Face ID, Redefining Display Design

by Anochie Esther
May 15, 2025
0
iPhone 18 Pro

As the tech world anticipates the inauguration of the iPhone 17 Pro later this year, whispers about its successorthe iPhone 18 Pro are already beginning to swirl. And...

Read more

Sony Faces Tough Choices as U.S. Tariffs Threaten PS5 Pricing and Production

by Anochie Esther
May 15, 2025
0
PS5

Sony, one of the world’s most recognized names in consumer electronics, is facing a dilemma on how to maintain its grip on the global gaming market amid rising...

Read more

Tesla Reportedly has 10,000 Unsold Cybertruck

by Anochie Esther
May 15, 2025
0
Cybertruck

In 2019, Elon Musk launched the Cybertruck with the kind of theatrical flair that only he could pull off smashing windows that weren’t supposed to break and promising...

Read more
Next Post
Spotify

How to view lyrics on Spotify

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?