After the price of Bitcoin fell by 6%, Bitcoin fell to a one-month low, falling to $56,600

Bitcoin (Bitcoin) Broke the key support level on November 18th, which is a new test of the determination of the bulls.

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

“Big sales in the city” struck

Data from Cointelegraph Markets Pro with Transaction view It shows that BTC/USD abandoned the support level of $58,400 after several retests in the previous few days. At the time of writing, Bitcoin was trading at $57,800.

Despite the volatility and challenging the $60,000 mark, in the past hour, the price fell to $57,200-the lowest point since October 15.

Trader and analyst Rekt Capital said: “The entire market is undergoing a strong sell-off” wrote In his latest Twitter update.

“There is no doubt that sellers will be exhausted. Watch for high seller volume bars in the short term. These often indicate a bottoming out after continued selling, and before a strong rebound or the overall trend reversal.”

The exhausted seller described the atmosphere in mid-September, just after the day when Bitcoin fell $10,000 in a daily candle.

Similar to the time, today’s move caused Obvious reversal In Bitcoin’s spending-output profit rate (SOPR), which is a key indicator for determining the period of oversold prices.

Bitcoin SOPR chart. Source: Glassnode

related: Bitcoin holders who bought for $20,000 refused to sell BTC at historical highs — the latest data

The illiquid supply highlights the determination of strong players

However, at the time of writing, Bitcoin is still in the process of finding a monthly price bottom.

For Cointelegraph writer Michaël van de Poppe, $56,000 is the demarcation point for the rebound.

“If that’s the case, the rescue rally may be right in front of you,” he said forecast.

The more optimistic Willy Woo sees long-term investor buying as a sign that the overall bearish trend is far from reality.

Bitcoin’s illiquid supply copy The sentiment, which has risen significantly as the price drops, shows that there is strong buyer interest this week.