Bitcoin
BTC$16 204.64

-2.14%

Ethereum
ETH$1 173.16

-3.68%

Tether
USDT$0.999647

0.01%

Binance Coin
BNB$294.91

-5.89%

USD Coin
USDC$1.000120

0%

Binance USD
BUSD$1.000244

-0.05%

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

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