Bitcoin
BTC$26 626.63

1.00%

Ethereum
ETH$1 852.70

0.57%

Tether
USDT$1.000082

0%

Binance Coin
BNB$264.73

1.73%

USD Coin
USDC$1.000009

0.01%

XRP
XRP$0.527114

0.42%

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 93.2% 3 $26 626.63 1.00% -0.87% $516 464 609 849 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 92.4% 1 $1 852.70 0.57% -0.88% $222 751 849 771 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.4% 1 $1.000082 0% -0.01% $83 308 309 639 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 91.6% 11 $264.73 1.73% -13.08% $41 259 245 686 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 91.2% 1 $1.000009 0.01% 0% $28 440 495 970 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 73.2% 56 $0.527114 0.42% 3.72% $27 403 076 118 XRP 7 days price change
7 Cardano (ADA) ADA Cardano predictions 88.8% 7 $0.324988 0.50% -11.23% $11 342 559 631 ADA 7 days price change
8 Lido stETH (STETH) STETH Lido stETH predictions 92% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 88.8% 8 $0.067988 0.78% -5.23% $9 497 028 333 DOGE 7 days price change
10 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 73.6% 51 $0.077603 0.68% 3.24% $7 890 342 183 WTRX 7 days price change
11 Solana (SOL) SOL Solana predictions 89.6% 16 $19.03 0.73% -8.01% $7 576 221 922 SOL 7 days price change
12 Polygon (MATIC) MATIC Polygon predictions 85.6% 16 $0.782857 1.43% -12.13% $7 272 328 244 MATIC 7 days price change
13 TRON (TRX) TRX TRON predictions 75.2% 49 $0.077825 1.34% 3.80% $7 015 200 066 TRX 7 days price change
14 Litecoin (LTC) LTC Litecoin predictions 78.4% 38 $88.60 -0.41% -6.51% $6 476 473 067 LTC 7 days price change
15 Polkadot (DOT) DOT Polkadot predictions 90.4% 6 $5.03 -0.02% -3.69% $5 997 807 752 DOT 7 days price change

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