Bitcoin
BTC$36 947.77

-1.06%

Ethereum
ETH$2 006.98

-1.94%

Tether
USDT$1.000106

-0.01%

Binance Coin
BNB$225.88

-1.16%

XRP
XRP$0.599360

-0.94%

USD Coin
USDC$0.999945

0%

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 89.2% 8 $36 947.77 -1.06% -1.21% $722 517 987 780 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 76% 49 $2 006.98 -1.94% -0.25% $241 327 503 957 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 93.2% 1 $1.000106 -0.01% -0.03% $88 908 308 061 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 81.6% 28 $225.88 -1.16% -13.20% $34 266 144 454 BNB 7 days price change
5 XRP (XRP) XRP XRP predictions 76.8% 42 $0.599360 -0.94% -1.73% $32 255 761 880 XRP 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 94% 1 $0.999945 0% 0.02% $24 452 239 909 USDC 7 days price change
7 Solana (SOL) SOL Solana predictions 56.8% 87 $54.93 -1.57% -2.13% $23 259 800 805 SOL 7 days price change
8 Cardano (ADA) ADA Cardano predictions 70% 62 $0.370958 -3.20% -3.22% $13 094 166 560 ADA 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 75.2% 48 $0.077136 -4.06% 0.31% $10 954 291 481 DOGE 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 90.8% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 TRON (TRX) TRX TRON predictions 81.2% 27 $0.101641 -4.10% 0.18% $9 001 259 365 TRX 7 days price change
12 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 82% 30 $0.101320 -4.87% 0.51% $8 972 888 283 WTRX 7 days price change
13 Toncoin (TON) TON Toncoin predictions 80% 31 $2.43 2.70% 4.28% $8 334 169 287 TON 7 days price change
14 Chainlink (LINK) LINK Chainlink predictions 63.6% 69 $13.97 -3.35% -1.89% $7 781 668 263 LINK 7 days price change
15 Avalanche (AVAX) AVAX Avalanche predictions 57.6% 86 $19.69 -3.93% -5.98% $7 187 470 859 AVAX 7 days price change

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