As crypto liquidation reached US$875 million, Bitcoin “perfectly rebounded” with US$58,500


Bitcoin (Bitcoin) Rose to over US$60,000 on November 16th, and then fell to nearly US$58,500.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Daily settlement volume is close to 1 billion U.S. dollars

Data from Cointelegraph Markets Pro with Transaction view Track the BTC/USD rally as it reversed losses of over 11% at one time.

However, after accelerating the decline overnight, the buyer’s support seems to be back-but not 24 hours ago Crypto clearing Reached 875 million US dollars.

Encrypted clearing chart. Source: Coinglass

$58,400, which also corresponds to the line of Cointelegraph writer Michaël van de Poppe to prevent further corrections.

“If we are going to break below, it will be painful, and then we will quickly pull back and return to the low zone of $50,000, where we will test some lower levels,” he said in a recent warning YouTube updates.

Van de Poppe was a rare voice of caution that day, and various analysts and market participants were still satisfied with the current price trend.

Twitter account TechDev famous Even at $61,500, the relative strength index (RSI) of Bitcoin in the daily time frame has been reset to the level when BTC/USD was trading at $40,000.

“BTC successfully retested $58,700 as support. A perfect rebound,” Rekt Capital Add to.

Another Twitter post suggested that the market’s reaction to the events of the day may be stronger than the deeper corrections in recent months.

“Double bubble” returns

At the same time, Charles Edwards, CEO of the asset management company Capriole tip “Very optimistic” from his new data Supply increment Metric system.

Supply increment is the difference between the supply of BTC held by short-term and long-term holders. Now it prints a rare continuous bullish momentum, which paints a picture similar to 2013’s behavior—a year known for Bitcoin’s double tops, or “Double bubble.”

“Bitcoin supply Delta looks very optimistic. The vast majority of readings similar to today have been accompanied by significant price increases,” Edwards said.

“In terms of value, profile, and price trends, the most similar interpretation to today is the 2013 double bubble.”

Annotated chart of Bitcoin supply increments.Source: Charles Edwards/Twitter