Bitcoin (BTC) Price Analysis – Rejection At $56,000

2:29 pm, Fri, 8 October 21

Current Bitcoin Data

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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading below $55,000 and is heading towards the $53,700 mark. Bitcoin broke out of the symmetrical triangle it was forming on the smaller timeframes and met our target of $56,000. We mentioned this in our latest price analysis, and the structure played out exactly how we suspected.

However, we saw a rejection at this mark, and Bitcoin is currently trading below both these levels.

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Analyzing the Charts

If we take a look at the charts, we can observe that Bitcoin only managed to break above our resistance at $55,500 for a very short time. Once BTC met the breakout target of $56,000, it started to fell back quickly and dropped below $55,500 again.

We can also see that this rejection has triggered a minor sell-off, and the price is now headed downwards. The support level we will be watching for Bitcoin right now is at the $53,700 mark.

The $53,700 is an important level that has acted as both resistance and support in the past. We will likely bounce back from here and try to retest the $55,500 resistance once again. We can also expect the price to go sideways once it bounces back from this level.

Conclusion: What is next for Bitcoin (BTC)?

Bitcoin is still looking extremely bullish, and we are expecting it to hit the $58,000 mark in the coming days. Right now, we will be watching the support at $53,700 and will buy more BTC if the price bounces. This small drop is healthy for the price action and would help Bitcoin grab more liquidity.

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