The release of leverage is nearing completion – the lowest Bitcoin that can be hit is …?

Bitcoin extended its slide on November 16 when BTC price returned and tested $ 60,000.

Source: TradingView

Bitcoin Removes Leverage – Closing a Large CME Gap

Data from TradingView shows BTC / USD is down 8% from Monday’s local high above USD 66,000. The pair slid to $ 60,350 and is still trading at its lowest level since November 6th.

Since it is difficult for leveraged traders, there is always optimism that the unwinding of positions on the futures exchanges is about to close and then will continue to increase.

Leverage adjustment shortly before closing$ BTC pic.twitter.com/rQyfaT8HUd

– Dylan LeClair (@DylanLeClair_) November 16, 2021

Bitcoin continued its attempt to close the CME futures gap for more than a week, a classic move that has been expected since its inception.

1-hour chart of CME Bitcoin futures. Source: TradingView

However, at the time of writing, there is still a possibility that Bitcoin could drop below $ 60,000.

Veteran trader Peter Brandt, who is keeping an eye on potential buying opportunities, has announced a desired equity level of nearly $ 50,000.

“I’m interested in buying BTC for $ 53,000 and ETH for $ 4,030.”

Interesting charts for me
I am interested in buying $ BTC around $ 53,000 and $ ETH about $ 4,030 pic.twitter.com/neTqSkEFOR

– Peter Brandt (@PeterLBrandt) November 15, 2021

At the same time, he also stressed that he is not a bitcoin bear and does not necessarily expect the price to drop to these levels.

For analyst Rekt Capital, Bitcoin will likely retest the $ 58,000 monthly support.

“If BTC wants to test the monthly level (green) again … It has to break this black uptrend line. Until then only consolidation volatility. “

The source: Rekt Capital / Twitter

Total crypto market cap is down $ 216 billion since yesterday, down to just under $ 2.78 trillion.

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Annie

According to Cointelegraph

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