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Bitcoin Implodes To A 1-Month Low Of $56.6K

John Wanguba by John Wanguba
November 18, 2021
in Analysis, Crypto news
Reading Time: 3min read
Bitcoin RSI Touches Oversold Territory, Is It The Right Time To Buy?
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There is a snowball effect that has knocked the price of bitcoin through several critical support levels after losing 6% on November 18, 2021. The flagship crypto imploded to record lows that were last seen in mid-October. This drop comes in a fresh retest of the bulls’ strength.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Data acquired from TradingView showed BTC/USD breaking the $58,400 support after several retests in previous days. At the time of writing, Bitcoin is struggling to hold on to the $57,500 mark.

Despite the high volatility in the market and challenging the $60,000 level, the price has dropped to as low as $57,100 in the past hour, its lowest level since October 15. One trader and analyst Rekt Capital wrote in his latest Twitter update:

“Strong market-wide selling is going on. Undoubtedly, seller exhaustion lies ahead. Watch for high sell-side volume bars in the short-term. These tend to signal bottoming out after constant selling and precede either a strong bounce or an entire trend reversal.”

Exhausted sellers were many in mid-September a day after Bitcoin shed $10,000 in one daily candle. Similar to that time, today’s market movement resulted in a conspicuous reversal in Bitcoin’s Spent Output Profit Ratio (SOPR), which is major metric in determining oversold price periods.

Bitcoin SOPR chart. Source: Glassnode
Bitcoin SOPR chart. Source: Glassnode

But at the time of publication, Bitcoin is still searching for a monthly price bottom. One analyst said that $56,000 is the lowest point for a successful rebound to happen. He forecast:

“If that’s the case, a relief rally might be around the corner.”

A mainly optimistic Willy Woo said that long-term investor buying is a sign that the general bearish trend was just for the short term.

I think I’ll call this one “buying the dip” pic.twitter.com/57kmAtycGF

— Willy Woo (@woonomic) November 18, 2021

In that context, Bitcoin’s illiquid supply copied the mood. It rose considerably as the prices dropped which means that there is massive buyer interest throughout this week.

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Tags: bearsBitcoinBitcoin PriceBTCmarket analysismarket updatePrice Analysis

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  • Home
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  • Autotrading
    • BitVestment
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    • Bit Index AI
    • Metaverse Profit
    • Today Profit
    • Quantum Code
    • Bitcode Prime
    • Bitprime Gold
    • Bitcoin Motion
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    • Bitcoin Future
    • Bitcoin Millionaire Pro
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    • Bitcoin Loophole
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Copyright © 2017-2019 Cryptovibes.com. Price data provided by our official partner CoinGecko.

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