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 | 56.8% | 88 | $16 204.64 | -2.14% | 0.42% | $311 432 382 083 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 60% | 85 | $1 173.16 | -3.68% | 3.84% | $143 563 762 696 |  |
|
| 3 |  USDT |
Tether predictions | 92.4% | 1 | $0.999647 | 0.01% | 0.09% | $65 339 620 742 |  |
|
| 4 |  BNB |
Binance Coin predictions | 68% | 66 | $294.91 | -5.89% | 12.96% | $47 177 552 111 |  |
|
| 5 |  USDC |
USD Coin predictions | 95.6% | 1 | $1.000120 | 0% | 0% | $44 306 171 640 |  |
|
| 6 |  BUSD |
Binance USD predictions | 94.8% | 1 | $1.000244 | -0.05% | -0.12% | $22 407 001 633 |  |
|
| 7 |  XRP |
XRP predictions | 66% | 75 | $0.383128 | -4.39% | 7.55% | $19 270 850 639 |  |
|
| 8 |  DOGE |
Dogecoin predictions | 59.6% | 90 | $0.094582 | -2.17% | 23.40% | $12 548 267 698 |  |
|
| 9 |  ADA |
Cardano predictions | 61.2% | 81 | $0.305387 | -3.59% | -0.43% | $10 515 677 795 |  |
|
| 10 |  STETH |
Lido stETH predictions | 92% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
|
| 11 |  MATIC |
Polygon predictions | 68.4% | 68 | $0.820379 | -4.13% | 1.77% | $7 165 449 645 |  |
|
| 12 |  DOT |
Polkadot predictions | 66% | 72 | $5.15 | -4.45% | -2.03% | $5 867 952 400 |  |
|
| 13 |  DAI |
Dai predictions | 94.8% | 1 | $1.000150 | 0.03% | 0.05% | $5 658 820 698 |  |
|
| 14 |  WTRX |
Wrapped TRON predictions | 60.8% | 79 | $0.052628 | -1.01% | 4.79% | $5 351 021 559 |  |
|
| 15 |  LTC |
Litecoin predictions | 66% | 70 | $71.68 | -6.38% | 18.26% | $5 139 815 623 |  |
