Bitcoin eyes big $58K resistance as new data shows hodlers acting the opposite to Q1

Bitcoin eyes big $58K resistance as new data shows hodlers acting the opposite to Q1


Bitcoin (BTC) faced stiff resistance near previous highs on Oct. 8 as a fresh push over $56,000 quickly ended.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBuying the dip? $53,000 is “logical”

Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it came off four-month highs of $56,150.

Trending: BREAKING: Biden Regime Accused of “Child Trafficking”

The area near $58,000, which had proved a sticking point for bulls earlier in the year, returned to haunt them on the day, something which did not come as a shock to analysts.

“Not surprising to see this $56-$58K area providing some resistance as there is a good amount of overhead supply there from earlier this year,” William Clemente commented.

“~$53K would be a logical area to buy a dip.”BTC/USD 1-day annotated candle chart (Coinbase). Source: William Clemente/ Twitter

That level represents both

Continue reading

You Might Like

 

Join the conversation!

Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!

Thanks for sharing!
Send this to a friend