Bitcoin (BTC) fell through key support levels on November 18 in a fresh test to determine the upside.
1 hour BTC/USD light chart (bit print). Source: TradingView
“Strong sales in the whole market”
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD left support at $58,400 after several tests in the previous days, and at the time of writing Bitcoin is trading at $57,800.
Despite the high volatility and the $60,000 challenge, the price dropped to $57,200 in the last hour, the lowest level since October 15.
“The market is seeing strong selling,” a trader and analyst at Rekt Capital wrote in a recent Twitter post.
“There is no doubt that seller fatigue awaits us. In the short term, look for bars of high volume on the sell side. They tend to signal after a day of continued selling and portend either a strong return or a complete reversal of the trend.”
Exhausted sellers dominated the atmosphere in mid-September, the day after bitcoin shed $10,000 in one day.
The move on November 18 led to a marked change in the Bitcoin Spend Profit Ratio (SOPR), a key metric for identifying periods of oversold.
Bitcoin SOPR chart. Source: Glassnode
Related Topics: Bitcoin Holders Who Bought for $20,000 Refuse to Sell BTC to All-Time Highs – Latest Data
The non-liquid suggestion emphasizes the identification of strong hands
However, at the time of writing, Bitcoin is still in the process of setting a monthly price bottom.
For Cointelegraph contributor Michael van de Poppe, $56,000 was the minimum return.
“In this case, the emergency call may not be far away,” he predicted.
More bullish Willy Woo saw long-term buying by investors as a sign that the overall downtrend was far from reality.
The illiquid supply of bitcoin has mimicked sentiment and rose significantly as prices fell, indicating strong buying interest this week.