Bitcoin (BTC) recovered more than $ 60,000 during November 16 after a crash that dropped to nearly $ 58,500.
1-hour candlestick chart BTC / USD (bit stamp). Source: TradingView
Daily settlement of around one billion dollars
Data from Cointelegraph Markets Pro and TradingView track the decline in BTC / USD as they reverse losses that have exceeded 11% at one point.
After the overnight losses accelerated, it appears that buyer support has returned – but not until 24 hours before the $ 875 million crypto liquidation.
Filter chart for cryptocurrency. Source: Coinglass
Meanwhile, $ 58,400 coincides with a series of losses by Cointelegraph author Michael van de Pope to prevent further corrections.
“If we go lower, it will hurt, and then we will make a quick adjustment down to the $ 50,000 minimum where we will test some lower levels,” he warned in his latest YouTube update.
Van de Poppe was a rare cautious voice that day, as many analysts and market participants are still happy with the current price action.
TechDev’s Twitter account noted that even at $ 61,500, the Bitcoin Relative Strength Index (RSI) in daily time frames was pushed back to a level where BTC / USD traded at $ 40,000.
“BTC has tested $ 58,700 again as support. Imagine a perfect improvement,” added Rekt Capital.
A separate tweet compares the market’s perhaps stronger reaction to current events compared to deeper corrections seen in recent months.
dating double bubble comparisons
Meanwhile, Charles Edwards, CEO of Asset Management at Capriol, noted the “extremely optimistic” values of the new delta supply indicator.
Delta supply is the difference between the offer of bitcoins to short-term and long-term bitcoin holders. Now it shows a rare bullish line, and paints a similar pattern of behavior since 2013 – the year known for Bitcoin’s double top, or “double bubble”.
“The share of the Bitcoin supply looks very optimistic. The vast majority of similar indicators to date have been followed by significant price increases,” Edwards said.
“To date, the closest metric in terms of value, profile and price dynamics is the 2013 double bubble.”