Will Bitcoin hold $60K? Leverage shakeout 'close to complete,' data suggests
Bitcoin (BTC) extended its slide on Nov. 16 as BTC price whoopee returned to test $60,000.
Bitcoin finally closes large CME gap
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD coming lanugo 8% from Monday's local highs whilom $66,000.
Bouncing at $60,350 on Bitstamp, the pair nonetheless traded at its lowest since Nov. 6.
As leveraged traders felt the pain, optimism remained that the "shakeout" of positions on derivatives exchanges was nearing completion, with a resumption of upside taking over thereafter.
Leverage shakeout tropical to complete$BTC pic.twitter.com/rQyfaT8HUd
— Dylan LeClair (@DylanLeClair_) November 16, 2021
Bitcoin remoter managed to tropical a CME futures gap in place for over a week, a xerox move that had been predictable from the moment the gap appeared.
While previous arguments plane favored a trip to $59,000, however, the chances of a waif unelevated $60,000 remained at the time of writing.
Trader Peter Brandt, eyeing potential ownership opportunities, revealed a desired entry level of closer to $50,000.
"I am interested in ownership BTC virtually $53,000 and ETH virtually $4,030," he said as part of Twitter comments.
He stressed that he was "not a bear" and did not necessarily expect Bitcoin to fall to those levels.
What's in a month?
Others meanwhile zoomed out on BTC, in a month which has been specified by all-time highs and the associated volatility.
Related: Bitcoin has stalled, but here’s why pro traders still expect $80K by January
A return to monthly support, for example, would still place Bitcoin at $58,000.
"If BTC is to go for a retest struggle of the Monthly level (green)... It would need to unravel lanugo from this woebegone uptrend line," fellow trader and reviewer Rekt Capital commented on an explanatory orchestration showing the levels on Monday.
"Losing this trendline would probably personize that this Monthly retest will happen. Until then, just consolidation volatility."
