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Crypto market correction deepens further with Bitcoin (BTC) correcting an additional 7% and slipping under $56,000 levels. On the monthly chart, Bitcoin has formed a new bottom as it continues to break crucial support levels.
The world’s largest cryptocurrency has also extended its weekly losses to more than 15%. As of press time, BTC is trading at a price of $55,938 with its market cap sustaining just above $1 trillion. On a daily closing, %58,000 seems to be a crucial level, or else we can possibly see BTC going to $50K and so.
Would be nice to see the daily close above $58,000, failure to do so could bring us back to the lower 50s.#bitcoin pic.twitter.com/C1AF1417cZ
— Lark Davis (@TheCryptoLark) November 18, 2021
Although the scenario as of now looks quite gloomy, one can consider buying the dips at these charts. Let’s take a look at some of the fundamental charts that suggest this.
Charts: Buy the Bitcoin Dips
As per on-chain data provider Glassnode, the illiquid supply for Bitcoin has been going parabolic. The illiquid supply surge shows more coins are going to cold wallets amid accumulation. The last time the illiquid supply grew this fast was in mid-2017 just before the mega bull run.
Another lead on-chain analyst from Glassnode who goes by the name Checkmate.btc pointed at the short-term holder SOPR indicator while expecting a bounce back. The analyst writes:
At the very least, one should be expecting a #Bitcoin bounce right around now. STH-SOPR has fallen below 1, which means top-buyers are spending their $BTC at a realised loss. When top buyers capitulate, it is historically a local bottom.
Another analyst Will Clemente explains: “Short-term holder realized price (cost basis) has been a very interesting level that Bitcoin price has historically interacted with. This has served as a floor during bull markets. Currently sits at $53K”.
Thus, there’s every possibility that Bitcoin can correct further by 5% or more from the current. However, for those who are in it for a long-term game, current dips provide a healthy buying opportunity.
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