The $60k Floor Gives in as Bitcoin Price Dives to $55,500

Bitcoin's logo floating in a sea with $55k on its side -The $60,000 Floor Gives in as Bitcoin Price Dives to $55,500

Created by TradeOr

3rd Party Analysis 19 Nov 2021

Key Takeaways:

  • Bitcoin’s price drops below recent support of $60,000 as the token dips to a new monthly low
  • During current selloff, traders say bitcoin’s dip is an attractive level to enter the crypto market

What’s Today’s News in Crypto?

The price of major cryptocurrencies, including bitcoin, fell for another day on Thursday. Moreover, the digital asset market remained pressured early on Friday as buyers struggle to gain enough upside momentum.

As a result, leading cryptocurrencies have declined by 15% to 20% this week. The recent floor of $60,000 that supported bitcoin’s price gave in. More specifically, sellers pressured the orange coin earlier today as it fell to a new monthly low of $55,500.

That said, the leading token declined roughly 20% from its all-time high of $69,000 set Nov. 10. Now, less than 10 days later, the entire crypto market is in selloff.

There are, however, some positive attributes to the current discounted crypto space. First, the decline allows for a cheaper entry in the digital asset space. In more detail, the widespread selloff after the $60,000 level was breached presents an attractive entry for crypto traders. In other words, the art of buying the dip is in play now.

To this end, some strategists suggest that, similarly to previous pullbacks, the current bearish market will be short-lived. In addition, they say that once buyers gain more market exposure, prices will recover.

 

What’s the Price of Bitcoin?

Early on Friday, the price of bitcoin gyrates near $57,500 per token. In other words, the original cryptocurrency has regained about 3% since its bottomed to its November low today.

Given the current drop, bitcoin is on pace to log its first negative week in almost two months. Further, for the month of November, bitcoin has lost about 6% from its price. Still, the leading coin is up about 80% since January.

Despite the recent fall, however, crypto backers are confident the market is still young, compared to traditional assets. With this in mind, be sure to check our Buying Bitcoin guide where you’ll learn how to take part in the crypto revolution.