Over $875 Mln Crypto Assets Liquidated - Bitcoin Price Falls Near $59k.

Over $875 Mln Crypto Assets Liquidated - Bitcoin Price Falls Near $59k.

2021-11-17 | Mike Hallen

Over $875 Mln Crypto Assets Liquidated - Bitcoin Price Falls Near $59k.

One expert welcomes a successful retest of monthly support, but fear is growing in the wake of daily losses of 11%. Bitcoin (BTC) rose beyond $60,000 on 16th Nov. following a collapse that saw it fall to roughly $58,500. Buyer support looked to resurface as an overnight comedown escalated, but not before 24-hour crypto liquidations reached $875 million.  On the day, Van de Poppe was an uncommon cautious voice, with many analysts and market players content with the present price action. Bitcoin's relative strength index (RSI) on daily timescales had reset to where it was when BTC/USD traded at $40,000, according to Twitter account TechDev. "BTC retests $58700 as support with success. Rekt Capital added, "Picture-perfect recovery." A third Twitter post linked the market's seemingly larger reaction to the day's events to prior months' deeper declines. btc

BTC/USD 1 Day Price Chart: Source- Coinmarketcap.com

Bitcoin "Double Bubbles" Are Back Meanwhile, Charles Edwards, CEO of asset management Capriole, touted his new supply delta metric as "very positive." The discrepancy between the BTC supply owned by short-term and long-term holders is known as the supply delta. It is now printing a rare bullish run, evoking behaviour from 2013 — the year of Bitcoin's famed double peak, or "double bubble." "The Bitcoin Supply Delta appears to be quite positive. According to Edwards, "the great majority of identical readings to today were followed by significant price gains."

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