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 You may also be interested in: Investors Should Watch Amazon’s Slowing Growth