Bitcoin (BTC) recovered higher up $60,000 during Nov. 16 subsequently a breakdown saw a trip to most $58,500.

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

Daily liquidations near $1 billion

Data from Cointelegraph Markets Pro and TradingView tracked a resurgent BTC/USD as information technology reversed losses, which at one point topped 11%.

After an overnight comedown accelerated, however, buyer back up appeared to return — but not before 24-hour crypto liquidations hit $875 million.

Crypto liquidations chart. Source: Coinglass

Meanwhile, $58,400 corresponded with Cointelegraph correspondent Michaël van de Poppe's line in the sand to foreclose further corrections.

"If nosotros're going to driblet beneath, so that is going to exist painful, and then nosotros're going to have a swift correction all the style dorsum to the low $50,000 region in which we're going to test some lower levels," he warned in his latest YouTube update.

Van de Poppe was a rare cautious voice on the twenty-four hours, with various analysts and market participants notwithstanding more than than satisfied with the current price action.

Twitter account TechDev noted that fifty-fifty at $61,500, Bitcoin'due south relative forcefulness index (RSI) on daily timeframes had reset to where it was when BTC/USD traded at $40,000.

"BTC successfully retests $58700 as support. Motion picture-perfect rebound," Rekt Capital added.

A separate Twitter postal service compared the arguably stronger reaction from the marketplace to the twenty-four hour period's events than to deeper corrections seen in recent months.

"Double bubble" comparisons return

Charles Edwards, CEO of nugget manager Capriole, meanwhile, pointed to "very bullish" readings from his new supply delta metric.

Supply delta is the departure between the BTC supply held by short-term and long-term holders. Now printing a rare bullish streak, it is painting a similar picture show to behavior from 2022 — the twelvemonth famous for Bitcoin's double pinnacle, or "double chimera."

"Bitcoin Supply Delta looks very bullish. The vast majority of like readings to today were followed by large price appreciation," Edwards stated.

"The most similar reading to today, in terms of value, profile and price action, is the 2022 double bubble."
Bitcoin supply delta annotated chart. Source: Charles Edwards/Twitter