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3 reasons why traders want to buy the Bitcoin price dip to $58.5K

Published 11/16/2021, 01:53 PM
Updated 11/16/2021, 03:40 PM
© Reuters.

© Reuters.

Cryptocurrency traders are scrambling and scratching their heads after a sharp drop in Bitcoin (BTC) price triggered a market-wide sell-off that has nearly every token in the top-200 flashing red on Nov. 16.

Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin price dropped as low as $58,609 before finding buyers who bid the price back to $60,500.

BTC/USDT 4-hour chart. Source: TradingView
BTC/USD 1-day chart. Source: Twitter (NYSE:TWTR)
BTC/USD 1-hour chart. Source: Twitter
BTC/USD 1-day charts from 2013, 2017 and 2021. Source: Twitter

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Latest comments

short to 40k or so then 500k like carhy loves wood says
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