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Analysts pinpoint bull and bear scenarios as Bitcoin price dips below $56K

Published 11/22/2021, 05:00 PM
Updated 11/22/2021, 06:40 PM
© Reuters.
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Cooler heads are calling for a collective deep breath and a step back to see the long-term outlook for the future of Bitcoin (BTC) price and the wider crypto market, but today's drop back under $56,000 is raising eyebrows among traders.

Data from Cointelegraph Markets Pro and TradingView shows that after starting the week near $60,000, several days of bears hammering the price of Bitcoin resulted in a revisit to $55,600.

BTC/USDT 1-day chart. Source: TradingView
BTC/USD 1- month chart. Source: Twitter (NYSE:TWTR)
2017 BTC price action vs. 2021 BTC price action. Source: Twitter

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