On November 16, Bitcoin (BTC) plunged back above $ 60,000 after a collapse that ended near $ 58,500.
Daily settlements close to a billion dollars
Data from Cointelegraph Markets Pro and TradingView follows the recovery of BTC / USD which nullifies part of the 11% loss.
After a prolonged contraction overnight, buyer support has re-emerged in the market. However, crypto liquidations in the past 24 hours have reached $ 875 million.
Meantime, the $ 58,400 corresponds with the support line anticipated by Cointelegraph collaborator Michaël van de Poppe to prevent further corrections.
“If we go below that, it will be painful and we will see a quick correction to almost $ 50,000 by testing lower levels,He warned in his latest update on YouTube.
Van de Poppe was a rare cautious voice, while several analysts and market participants are still more than happy with the current price action.
The TechDev analyst he pointed out that even at $ 61,500 Bitcoin’s relative strength index (RSI) on the daily chart has reset to levels visited when BTC / USD was at $ 40,000.
“BTC successfully tests $ 58,700 as support again. Perfect bounce,” he added Rekt Capital.
“BTC only corrected 15% this month. In September, BTC lost 25% before reaching new all-time highs. The current correction is less profound than in September, but the emotional reaction seems much greater. “
#BTC has pulled back only -15% this month
Remember that in September $ BTC retraced -25% before reaching new All Time Highs
– Rekt Capital (@rektcapital) November 16, 2021
Comparisons to the “double bubble” return
Charles Edwards, CEO of asset manager Capriole, has indicated “very bullish” values from its new supply delta parameter.
The supply delta is the difference between the supply of BTC belonging to short-term and long-term investors. With a rare bullish streak, is tracking behavior similar to 2013, the year known for Bitcoin’s double top, or “double bubble.”
“Bitcoin’s supply delta looks very bullish. The vast majority of similar values to today were followed by a sharp rise in the price,Edwards said.
“The scenario most similar to today, in terms of value, profile and price action, is the double bubble of 2013.”