Bitcoin Recovery Path To $60,000: Analyst Reveals Why $55,881 Is Important

Quick Summary:

This means that bulls would have to hold up momentum to continue the rally, and the best way to do this is to reclaim and hold the $55,881 level as support.#BTC The good news is that Bitcoin has Weekly Close above ~$53250 to protect the very bottom of the bargain-buying area (orange) that has formed beneath the black Downtrending Channel To build on this momentum, Bitcoin would need to next reclaim $55881 (blue) as support to try… pic.twitter.com/Y3wPkLouRH — Rekt Capital (@rektcapital) September 9, 2024 If this support holds, then the crypto analyst forecasts a possible continuation of the rally.

According to the crypto analyst, the bitcoin price has been able to protect an important level so far and that is the bargain-buying area.

As the crypto analyst explains, the fact that the Bitcoin price held the bargain-buying area happened beneath the black Downtrending Channel.

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Article Details

Author / Journalist: Scott Matherson

Category: Crypto

Markets: United Kingdom

Topics: Bitcoin Btcusd Bitcoin news Crypto analyst BTC news Crypto Analyst Btc price Btc Bitcoin Crypto news BTCUSDT Bitcoin price

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-11 @ 13:00:06 (12 hours ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 444 words

Reading Time: 3 minutes read

Sentences: 69 lines

Sentence Length: 7 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © NewsBTC

News ID: 22460577

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Main Topics: Crypto

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