Bitcoin (BTC) extended its slide on Nov. sixteen as BTC toll activeness returned to examination $60,000.

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

Bitcoin finally closes large CME gap

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

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

Equally 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.

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 candle chart showing gap. Source: TradingView

While previous arguments even favored a trip to $59,000, nevertheless, the chances of a drop below $60,000 remained at the fourth dimension of writing.

Trader Peter Brandt, eyeing potential buying opportunities, revealed a desired entry-level of closer to $50,000.

"I am interested in ownership BTC around $53,000 and ETH around $4,030," he said every bit part of Twitter comments.

He stressed that he was "non a bear" and did non necessarily expect Bitcoin to fall to those levels.

What'due south in a month?

Others, meanwhile, zoomed out on BTC, in a month that has been divers past all-time highs and the associated volatility.

Related: Bitcoin has stalled, but here's why pro traders yet expect $80K past January

A return to monthly support, for instance, would still place Bitcoin at $58,000.

"If BTC is to get for a retest attempt of the Monthly level (dark-green)... Information technology would demand to break downwardly from this black uptrend line," fellow trader and analyst Rekt Capital commented on an explanatory nautical chart showing the levels on Mon.

"Losing this trendline would probably confirm that this Monthly retest will happen. Until and then, merely consolidation volatility."
BTC/USD 1-day annotated candle chart (Bitstamp). Source: Rekt Capital/Twitter