Bitcoin 'Recovers Perfectly' From $58,500 Level
Bitcoin (BTC) 'recovers perfectly' from $58,500 level on November 16. BTC rebounded above $60,000 after a sharp drop.
Data from Cointelegraph Markets Pro and TradingView show that BTC reversed losses exceeding 11% at one point. However, after an overnight accelerating drop, buyer support has returned, but during this time the 24-hour crypto liquidation hit $875 million.
Michaël Van de Poppe displayed a rare cautious stance on the day when various analysts and market participants were still overly satisfied with the current price action.
Van de Poppe said in a recent YouTube update, “If we go below it, it will be painful and we will see a quick fix until we get to the region where we will test some lower levels later. ” he said.
TechDev Twitter account stated that even at $61,500, Bitcoin's RSI is still where it was when the BTC/USD pair was trading at $40,000.
On the other hand, Rekt Capital, said, “#BTC has only pulled back -15% this month. Note that in September, BTC retraced -25% before hitting All-Time Highs. Although this current recovery is shallower compared to September, the emotional response it has generated seems much greater.” Rekt Capital continued, “BTC is successfully retesting $58700 as support. An excellent rebound.”
A separate Tweet highlighted the market's strong reaction to the day's events, rather than the deeper corrections seen in recent months.
Source: Investing.com
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