Will Bitcoin hold $60K? Leverage shakeout 'close to complete,' data suggests

Will Bitcoin hold $60K? Leverage shakeout 'close to complete,' data suggests

Bitcoin (BTC) extended its slide on Nov. 16 as BTC price action returned to test $60,000.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBitcoin finally closes large CME gap

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD coming down 8% from Monday’s local highs above $66,000.

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Bouncing at $60,350 on Bitstamp, the pair nonetheless traded at its lowest since Nov. 6.

As leveraged traders felt the pain, optimism remained that the “shakeout” of positions on derivatives exchanges was nearing completion, with a resumption of upside taking over thereafter.

Leverage shakeout close to complete$BTC pic.twitter.com/rQyfaT8HUd

— Dylan LeClair (@DylanLeClair_) November 16, 2021

Bitcoin further managed to close a CME futures gap in place for over a week, a classic move that had been anticipated from the moment the gap appeared.

CME Bitcoin futures 1-hour

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