Bitcoin’s price support of $ 56,000 is critical to the price move up. In the past few days we have seen the price rise to $ 59,3,000, but the resistance at this level is huge. We were rejected twice on these levels, and to retest the lower supports must hold. If it breaks the $ 56k level, it could see a shift to a lower price range. Note that we are also encountering resistance between $ 57,000 and $ 57,5,000 and $ 60,000 on the upper side. The coin is currently trading at $ 56.5,000.
Bitcoin price action
Bitcoin’s price is moving in a downward channel, just like Ethereum. And this pattern is viewed as bullish by many analysts. So even if we could see negative price movement in the short term, the breakout is near. Note that if Bitcoin breaks the downward channel, it will invalidate the bullish theory and we may test even lower price levels.
Bitcoin
Getting back to $ 56,000 will be critical, which is the 23.6% Fib retracement level and very close to the 100 hour moving average of $ 57,000. These price levels have a lot of supports and resistances at close intervals, so it is a make-or-break situation.
A breakout in Bitcoin price could also help Altcoins recover from losses and continue their upward movement. While BTC has lost 20% of its value since the correction, most altcoins trade 40% below their ATH. And the only exceptions to this in my eyes are Ethereum, Solana and Luna. There could be a few more, but the mainstream coins like DOT, LINK and UNI are struggling.
What could be next
It is important that Bitcoin keep clear of the $ 57.5,000 resistance to ensure we don’t see any further corrections. If the price is declined at this level, the initial support is $ 56,000 which must be held. The next support below $ 56,000 is at $ 53,5,000, which is where we consolidated a few days ago.
We can assume December will be a good month for Bitcoin based on previous bull runs. So let’s see what happens. Do you think Bitcoin’s price support will hold at $ 56,000 and we’ll see a new ATH soon? If so, by when? Let us know in the comments below. If you found our content informative, like it and share it with your friends.
Also read: India Won’t Ban Crypto Reports NDTV News India.
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