Will Bitcoin hold $60,000? Data shows that leverage adjustment is “nearly complete”

Bitcoin (Bitcoin) Continued to decline on November 16, as the BTC price trend returned to test $60,000.

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

Bitcoin finally closes the huge gap in CME

Data from Cointelegraph Markets Pro with Transaction view It shows that BTC/USD is down 8% from the local high of above $66,000 on Monday.

The currency pair rebounded to $60,350 on Bitstamp, but it was still at its lowest level since November 6.

As leveraged traders feel painful, they are optimistic that the “shock” of positions on derivatives exchanges is about to be completed, and the upside will be restored thereafter.

Bitcoin has further managed to close the CME futures gap for more than a week. This is a classic move that was anticipated from the moment the gap appeared.

CME Bitcoin futures 1-hour candlestick chart shows the gap. Source: TradingView

Although the previous controversy even preference However, during the $59,000 journey, the possibility of falling below $60,000 still exists.

Trader Peter Brandt looked at potential buying opportunities and revealed an ideal entry price of close to $50,000.

“I am interested in buying about $53,000 in BTC and about $4,030 in ETH,” he said Said As part of Twitter comments.

He emphasized that he is “not a bear” and does not necessarily expect Bitcoin to fall to these levels.

What’s in a month?

At the same time, others have shrunk on BTC, which is caused by Historical high And related volatility.

related: Bitcoin has stagnated, but this is why professional traders still expect to reach $80,000 by January

For example, the restoration of monthly support will still bring the Bitcoin price to $58,000.

“If BTC is to retest the monthly level (green)…it needs to break from this black uptrend line,” trader and analyst Rekt Capital Comment On an explanatory chart showing Monday’s level.

“The loss of this trend line may confirm that this monthly retest will happen. Until then, it’s just consolidation of volatility.”

BTC/USD 1-day annotated candlestick chart (Bitstamp).Source: Rekt Capital/Twitter