Bitcoin
BTC$70 525.33

0.70%

Ethereum
ETH$3 583.61

0.26%

Tether
USDT$0.999635

-0.02%

Binance Coin
BNB$589.01

2.12%

Solana
SOL$187.06

0.58%

XRP
XRP$0.623667

0.51%

Will Bitcoin hold $60K? Leverage shakeout close to complete


16 Nov 2021

#Bitcoin

8% daily losses are painful for longs but no problem for still-bullish analysts. Bitcoin (BTC) extended its slide on Nov. 16 as BTC price action returned to test $60,000. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD coming down 8% from Monday’s local highs above $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. Bitcoin further managed to close a CME futures gap in place for over a week, a classic move that had been anticipated from the moment the gap appeared.

While previous arguments even favored a trip to $59,000, however, the chances of a drop below $60,000 remained at the time of writing.  Trader Peter Brandt, eyeing potential buying opportunities, revealed a desired entry-level of closer to $50,000.

“I am interested in buying BTC around $53,000 and ETH around $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 that has been defined 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 attempt of the Monthly level (green)... It would need to break down from this black uptrend line,” fellow trader and analyst Rekt Capital commented on an explanatory chart showing the levels on Monday. “Losing this trendline would probably confirm that this Monthly retest will happen. Until then, just consolidation volatility.”


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 77.6% 44 $70 525.33 0.70% 5.43% $1 386 981 179 605 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 72.4% 48 $3 583.61 0.26% 1.36% $430 290 504 631 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.8% 1 $0.999635 -0.02% -0.06% $104 416 071 613 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 64% 80 $589.01 2.12% 5.70% $88 070 231 533 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 60.8% 89 $187.06 0.58% -0.12% $83 107 936 735 SOL 7 days price change
6 XRP (XRP) XRP XRP predictions 80.8% 31 $0.623667 0.51% 1.98% $34 229 491 996 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 90.4% 2 $1.000139 0.02% -0.01% $32 163 999 945 USDC 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 66% 68 $0.202230 9.91% 33.21% $29 050 384 407 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 68% 67 $0.650498 0.27% 2.94% $23 144 934 461 ADA 7 days price change
10 Avalanche (AVAX) AVAX Avalanche predictions 59.2% 88 $54.55 -0.83% 0.04% $20 589 908 463 AVAX 7 days price change
11 SHIBA INU (SHIB) SHIB SHIBA INU predictions 57.2% 94 $0.000031 2.70% 15.58% $18 352 387 580 SHIB 7 days price change
12 Toncoin (TON) TON Toncoin predictions 60.8% 88 $4.90 0% 19.85% $17 010 186 878 TON 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 75.2% 52 $9.55 0.20% 2.00% $13 625 592 863 DOT 7 days price change
14 Chainlink (LINK) LINK Chainlink predictions 75.6% 42 $19.72 0.68% 8.59% $11 580 340 372 LINK 7 days price change
15 Bitcoin Cash (BCH) BCH Bitcoin Cash predictions 67.6% 60 $562.08 12.44% 30.02% $11 062 529 244 BCH 7 days price change

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