Michaël van de Poppe, founder of MN Trading and a market analyst, stated on X today, November 15, that Bitcoin is initiating a recovery. He observed specific market behavior indicating an upward movement, noting, "This is the start of a potential bounce and this is exactly what you'd want to see on #Bitcoin. Acceleration is taking place on Saturday night into Sunday. The lowest liquidity period of the week. Immediate high-volume candles and absorption are taking place, followed by a quick upward bounce. That's a good start. This week I'd prefer to see it close above $65,000 or even $66,000 and we're having a good start." His post highlighted the significance of weekend trading conditions for this observed acceleration.
Bitcoin has faced considerable selling pressure recently, with on-chain data revealing a six-month high in selling activity and the asset dropping out of the top 15 global assets. Despite these challenges, Bitcoin and Ethereum have been moving off exchanges, signaling a shift towards self-custody. The Crypto Fear & Greed Index currently sits at 10, indicating Extreme Fear among investors. Recent reports also covered Coinbase urging the removal of Bitcoin payment taxes.
Van de Poppe's analysis suggests that the current market dynamics, particularly during low-liquidity periods, could be forming a basis for a price reversal. He views a weekly close above the $65,000 or $66,000 level as a key confirmation of this positive momentum. This perspective implies that a technical rebound might be underway, potentially attracting renewed investor interest if the specified price levels are achieved by week's end.
