Bitcoin falls to a 1-month low after a 6% dive drops BTC worth to $56.6K

Bitcoin (BTC) fell by means of key assist ranges on Nov. 18 in a recent take a look at of bulls’ resolve.

“Strong market-wide selling” hits

Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD abandoning the $58,400 assist after a number of retests in earlier days and on the time of writing, Bitcoin is trading at $57,800.

Despite excessive volatility and difficult the $60,000 mark, throughout the previous hour the value fell as little as $57,200 — its lowest since Oct. 15.

“Strong market-wide selling is going on,” trader and analyst Rekt Capital wrote in his newest Twitter replace.

“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 characterised the environment in mid September, simply after the day when Bitcoin shed $10,000 in a single every day candle.

Similar to then, Nov. 18’s transfer precipitated a conspicuous reversal in Bitcoin’s Spent Output Profit Ratio (SOPR), a key metric in determining oversold worth durations.

Related: Bitcoin holders who bought at $20K refuse to sell BTC at all-time highs — Latest data

Illiquid provide highlights robust palms’ resolve

At the time of writing, nonetheless, Bitcoin was nonetheless within the means of discovering a month-to-month worth backside.

For Cointelegraph contributor Michaël van de Poppe, $56,000 was the cut-off level for a rebound.

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

A extra optimistic Willy Woo eyed long-term investor shopping for as an indication that an general bearish development was removed from actuality.

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

— Willy Woo (@woonomic) November 18, 2021

Bitcoin’s illiquid provide copied the temper, rising considerably as costs fell in an indication of robust purchaser curiosity all through this week.