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