Bitcoin “Picture Perfect Recovery” phase at $ 58.5k upon liquidation

Bitcoin (BTC) rebounded over $ 60,000 on Nov. 16 after the crash dropped to nearly $ 58,500.

Daily liquidation of nearly $ 1 billion

Data from Cointelegraph Marketplaces Professional and TradingView tracked a resurgent BTC / USD that reversed losses, hitting 11% at one point.

However, after the decline accelerated overnight, buyer support appeared to be returning – but not before 24-hour crypto liquidity hit $ 875 million.

Meanwhile, Cointelegraph employee Michaël van de Poppe’s line in the sand is $ 58,400 to prevent further edits.

“If we get below that it will be painful, and then we will have a quick fix back to the low $ 50,000 region where we will test some lower scores,” he warned in his latest YouTube update.

Van de Poppe is a rare voice of caution on this day, many analysts and market participants are still more than satisfied with the current price development.

TechDev Twitter account Note Bitcoin’s Relative Strength Index (RSI) was reset to BTC / USD at $ 40,000 in the daily timeframe, even at $ 61,500.

“BTC is successfully testing $ 58,700 as support. The perfect relaxation like in the picture “Rekt Cash” Add.

A separate post on Twitter compared the supposedly stronger market reaction to intraday events than the deeper corrections of recent months.

#BTC this month only -15% discount

Remember that in September $ BTC -25% withdraw before hitting a new all-time high

This current setback is shallower than it was in September and the emotional response to it appears to be much larger#Crypto #Bitcoin

– Rekt Capital (@rektcapital) November 16, 2021

Compare the “double bubble” returns

Charles Edwards, CEO of Capriole Asset Management, meanwhile Spicy for “very optimistic” values ​​from its new supply delta index.

The supply delta is the difference between the supply of BTC held by short-term and long-term holders. Now it prints a rare upward trend and paints a picture similar to what it did in 2013 – the year famous for Bitcoin’s double top, aka the “double bubble”.

“The Bitcoin Supply Delta looks very bullish. The majority of similar readings were followed by a massive uptrend, ”said Edwards.

“The most similar reading to date in terms of value, profile and price movement is the double bubble from 2013.”