Bitcoin (BTC) extended its decline on November 16 when BTC’s price movement returned to the $ 60,000 test.
1-hour candlestick chart BTC / USD (bit stamp). Source: TradingView
Bitcoin is finally closing a big hole in CME
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD fell 8% from Monday’s local highs of over $ 66,000.
On Bitstamp, the pair jumped to $ 60,350, but traded at its lowest level since Nov. 6.
Traders with mortgages were in pain, but optimism remained that the pressure for positions in the derivatives markets was nearing completion and then the trend would resume.
Bitcoin also managed to close the CME futures gap for more than a week – a classic move that has been expected since the gap emerged.
The timeline bar chart for CME Bitcoin futures shows a gap. Source: TradingView
While previous arguments favored a trip of up to $ 59,000, the odds remain below $ 60,000 at the time of writing.
Trader Peter Brandt, who is looking at buying opportunities, found a desired entry level close to $ 50,000.
“I’m interested in buying BTC for around $ 53,000 and ETH for around $ 4,030,” he said in his comments on Twitter.
He stressed that this “is not a bear”, and he did not necessarily expect Bitcoin to fall to these levels.
What is the month?
Others have meanwhile mined bitcoin for a month characterized by record high levels and associated volatility.
Related: Bitcoin stopped, but here’s why professional traders are still expecting $ 80,000 by January
If you go back to monthly support, for example, you will still bet $ 58,000 bitcoin.
Trader and analyst at Rekt Capital commented on the illustrative chart showing the levels on Monday: “If BTC wants to try to test the monthly level (green) again … it will have to break out of this black uptrend line.”
“The loss of this trend line is likely to confirm that this monthly retest will take place. In the meantime, just a consolidation of fluctuations.”