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
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.
— 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