Can Bitcoin Hold The $60k Line of Support? As Leverage Shakeout Continues

8% each day losses are painful for longs but no hassle for still-bullish analysts.

Bitcoin (BTC) prolonged its slide on Nov. 16 as BTC price went back to check $60,000.

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Data from various platforms confirmed BTC/USD coming down 8% from Monday’s nearby highs above $66,000.

Bouncing at $60,350 the pair on the other hand traded at its lowest seeing that Nov. 6.
As leveraged merchants 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 in addition managed to shut a CME futures gap in location for over a week, a traditional go that had been predicted from the second the gap appeared.

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While preceding arguments even liked a time out to $59,000, however, the probabilities of a drop beneath $60,000 remains.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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