• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Thursday, July 10, 2025
  • Login
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’s drop to $56,500 might have been the bottom of this correction

by Reshab Agarwal
November 22, 2021
in Bitcoin, Crypto, News, Price Analysis
Reading Time: 2 mins read
0
Bitcoin might be widely accepted very soon says Elon Musk
TwitterWhatsappLinkedin

Bitcoin’s latest price drop after making a high at nearly $69k was quite significant. The low during the correction was formed at $56.5k, and that might have been the bottom. After this, we saw a price jump, but Bitcoin got rejected at $60k and treaded back to $57.5k. Even after that, we can expect that Bitcoin won’t break $56k, and it will be the bottom for this correction. The recent correction is almost 20%, which we have seen for significant BTC corrections on average.

You might also like

Trump Unleashes New Tariffs, Sri Lanka Among Seven Nations Facing 30% US Duties

Starlink Clears Final Regulatory Hurdle, Poised for Launch in India

Nvidia Shatters Records with $4 Trillion Market Value Amidst AI Supremacy

Why could $56.5k have been the bottom?

Whenever the price of Bitcoin crashes fast, we see a domino effect which is triggered by collapsing stop losses and liquidations in the future market. But this time around, we didn’t see much of that happen. Yes, it was there, but the amount was surprisingly low as compared to what we would generally see in case of such a crash. There was a liquidation of around $600 million, which is significantly less compared to the BTC market. The open interest on exchanges also didn’t show any abrupt changes, and leverages were also not extreme.

Bitcoin's drop to $56,500 might have been the bottom of this correction
Bitcoin

We can also take a look at the fear and greed index to have an idea of the next market move. When there is too much greed, we often see a dump, and too much fear is followed by price jumps. After the recent price dip, the fear and greed index fell below 40, which shows fear, and now it has increased to 50, which is neutral. This indicator shows that there is still a pump left as people are unlikely to dump at this price.

What next?

For the bull run to resume again, it will be necessary for BTC to break $60k and confirm support on the same. $60k is a fundamental level both technically and psychologically, and it will be something the bulls need to conquer. At present, we are still seeing a lot of ling traders, which signifies that yes, we might see a price rise again soon. It will be necessary to see if BTC retests $56.5k again before moving up.


What are your thoughts on $56.5k being the bottom in Bitcoin’s recent price drop? And do you think we will test the level again before moving up? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.

Also Read: Australia’s Commonwealth Bank finds not participating in crypto riskier.

Tags: #bottom#correctionbitcoin
Tweet54SendShare15
Previous Post

Australia’s Commonwealth Bank finds not participating in crypto riskier

Next Post

The Growing Innovations in Online Rummy Game

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

Trump Unleashes New Tariffs, Sri Lanka Among Seven Nations Facing 30% US Duties

by Anochie Esther
July 10, 2025
0
NRIs

US President Donald Trump on Wednesday, July 9, 2025, announced a fresh wave of tariff demand letters, signaling a renewed and assertive push in his administration's trade policy....

Read more

Starlink Clears Final Regulatory Hurdle, Poised for Launch in India

by Anochie Esther
July 10, 2025
0
Starlink

After years of anticipation and navigating a complex regulatory landscape, Elon Musk's satellite internet venture, Starlink, has finally received the definitive green light to launch commercial operations in...

Read more

Nvidia Shatters Records with $4 Trillion Market Value Amidst AI Supremacy

by Anochie Esther
July 10, 2025
0
Nvidia

Nvidia, the undisputed leader in graphics processing units (GPUs) and a pivotal force in the artificial intelligence (AI) revolution, achieved a historic milestone on Wednesday, July 9, 2025....

Read more
Next Post
NAZARA READY WITH ITS IPO

The Growing Innovations in Online Rummy Game

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?

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?