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 | 61.2% | 89 | $29 830.80 | 2.19% | -0.06% | $568 243 367 260 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 60% | 88 | $1 978.78 | 0.62% | -2.65% | $239 264 661 104 |  |
|
| 3 |  USDT |
Tether predictions | 94.8% | 1 | $0.998948 | -0.01% | 0% | $73 198 034 338 |  |
|
| 4 |  BNB |
Binance Coin predictions | 58% | 85 | $332.68 | 3.46% | 10.72% | $54 319 345 181 |  |
|
| 5 |  USDC |
USD Coin predictions | 94.4% | 1 | $1.000136 | 0.03% | 0.01% | $53 412 996 775 |  |
|
| 6 |  XRP |
XRP predictions | 58.4% | 91 | $0.404298 | -0.23% | -5.30% | $19 544 998 936 |  |
|
| 7 |  BUSD |
Binance USD predictions | 96% | 1 | $1.001442 | 0.19% | 0.27% | $18 332 749 036 |  |
|
| 8 |  ADA |
Cardano predictions | 56.4% | 92 | $0.518095 | 1.03% | -7.86% | $17 480 010 174 |  |
|
| 9 |  SOL |
Solana predictions | 56.8% | 92 | $49.23 | 0.27% | -10.01% | $16 702 932 943 |  |
|
| 10 |  DOGE |
Dogecoin predictions | 56% | 88 | $0.083177 | 0.07% | -6.02% | $11 035 092 589 |  |
|
| 11 |  DOT |
Polkadot predictions | 59.6% | 92 | $10.02 | 1.90% | -3.47% | $9 896 804 667 |  |
|
| 12 |  WBTC |
Wrapped Bitcoin predictions | 60.4% | 89 | $29 797.90 | 2.06% | -0.08% | $8 224 307 082 |  |
|
| 13 |  AVAX |
Avalanche predictions | 60.4% | 91 | $28.68 | -0.32% | -14.23% | $7 766 240 935 |  |
|
| 14 |  TRX |
TRON predictions | 73.6% | 57 | $0.081485 | 5.37% | 12.78% | $7 711 237 884 |  |
|
| 15 |  DAI |
Dai predictions | 94.4% | 1 | $1.000233 | 0.06% | 0.05% | $6 576 996 511 |  |
