Bitcoin (BTC) fell through key support levels on November 18 in a new test of the bull’s determination.
“Strong market-wide sales” hits
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD left the support at $ 58,400 after several tests in previous days, and at the time of writing Bitcoin is trading for $ 57,800.
Despite high volatility and the challenging $ 60,000 mark, the price has fallen as low as $ 57,200 in the last hour ̵[ads1]1; the lowest since October 15.
“Strong sales are taking place across the market,” trader and analyst Rekt Capital wrote in its latest Twitter update.
“Undoubtedly, the fatigue of sellers is ahead. Look for high volume bars on the sales side in the short term. These tend to signal the bottom after constant sales and are ahead of either a strong return or a whole trend reversal.”
Exhausted sellers dominated the atmosphere in mid-September, just after the day when Bitcoin threw $ 10,000 in a single daylight.
Like then, the November 18 move caused one conspicuous reversal in Bitcoins Spent Output Profit Ratio (SOPR), a key measure to determine oversold price periods.
Related: Bitcoin Holders Who Bought for $ 20,000 Refuse to Sell BTC at All-Time Highs – Latest Data
Illiquid supply emphasizes the determination of strong hands
At the time of writing, however, Bitcoin was still in the process of finding a monthly price bottom.
For Cointelegraph contributor Michaël van de Poppe, $ 56,000 was the threshold for a return.
“If that’s the case, a help meeting may be around the corner,” he said forecast.
A more optimistic Willy Woo saw long-term investor purchases as a sign that a general bearish trend was far from reality.
I think I would call this “buy dip” pic.twitter.com/57kmAtycGF
– Willy Woo (@woonomic) November 18, 2021
Bitcoin’s illiquid supply copied mood, which rose significantly as prices fell as a sign of strong buyer interest throughout this week.