Will Bitcoin hold $60K? Leverage shakeout close to complete
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.”
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 76.4% | 50 | $49 128.70 | -7.55% | -10.26% | $928 110 420 973 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 81.2% | 36 | $4 120.96 | -1.29% | 0.92% | $488 780 881 496 |  |
|
| 3 |  BNB |
Binance Coin predictions | 80.8% | 32 | $562.73 | -3.52% | -6.79% | $93 864 649 605 |  |
|
| 4 |  USDT |
Tether predictions | 92% | 1 | $1.001430 | 0.08% | 0.06% | $74 263 665 994 |  |
|
| 5 |  SOL |
Solana predictions | 70% | 62 | $198.10 | -2.74% | 3.42% | $60 546 003 381 |  |
|
| 6 |  ADA |
Cardano predictions | 64% | 72 | $1.39 | -8.63% | -9.93% | $46 287 449 057 |  |
|
| 7 |  USDC |
USD Coin predictions | 90.4% | 2 | $1.000097 | -0.05% | 0% | $40 029 698 519 |  |
|
| 8 |  XRP |
XRP predictions | 70% | 66 | $0.836385 | -7.82% | -11.54% | $39 516 931 096 |  |
|
| 9 |  LUNA |
Terra predictions | 69.6% | 62 | $74.36 | 25.00% | 66.02% | $28 825 591 225 |  |
|
| 10 |  DOT |
Polkadot predictions | 62.8% | 76 | $28.96 | -12.18% | -17.48% | $28 604 270 701 |  |
|
| 11 |  DOGE |
Dogecoin predictions | 66% | 73 | $0.176449 | -10.40% | -13.54% | $23 359 356 254 |  |
|
| 12 |  AVAX |
Avalanche predictions | 64.4% | 75 | $90.68 | -11.80% | -18.97% | $22 009 485 134 |  |
|
| 13 |  SHIB |
SHIBA INU predictions | 62.4% | 76 | $0.000036 | -8.88% | -7.14% | $19 722 014 052 |  |
|
| 14 |  CRO |
Crypto.com Chain predictions | 57.6% | 86 | $0.600991 | -3.69% | -20.69% | $15 182 834 806 |  |
|
| 15 |  MATIC |
Polygon predictions | 67.6% | 62 | $1.97 | -8.29% | 22.24% | $13 803 349 402 |  |
