Crypto Daily – (BTC) took another dip early on Wednesday, taking the price down to $55,700. Is it time to seriously reconsider the bullish case for Bitcoin, or is this just another gift of a buying opportunity?
Bounce, or more downside?
It’s now 175 days of boring, grafting, seemingly inexorable sideways and downwards price action for $BTC. The latest dip took the price below the major horizontal support at $58,000, and even reached below $56,000, which is the next area of support.
The question now is whether a bounce can occur from here, or whether the price will begin to descend further, and fall all the way back down to the strong support at $51,000.
Why did Bitcoin dip again?
The U.S. stock market always has an impact on crypto, and when you see more than $1 trillion wiped off from the S&P 500 in just 24 hours, this is surely going to have a knock-on effect on Bitcoin and crypto.