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Bitcoin stages ‘picture-perfect rebound’ at $58.5K as crypto liquidations top $875M
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Bitcoin (BTC) recovered above $60,000 during Nov. 16 after a breakdown saw a trip to near $58,500.
Data from Cointelegraph Markets Pro and TradingView tracked a resurgent BTC/USD as it reversed losses, which at one point topped 11%.
After an overnight comedown accelerated, however, buyer support appeared to return — but not before 24-hour crypto liquidations hit $875 million.
Meanwhile, $58,400 corresponded with Cointelegraph contributor Michaël van de Poppe’s line in the sand to prevent further corrections.
“If we’re going to drop beneath, then that is going to be painful, and then we’re going to have a swift correction all the way back to the low $50,000 region in which we’re going to test some lower levels,” he warned in his latest YouTube
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