Bitcoin’s search interest is almost at a 1-year low as the popular digital currency’s price dips below the $55K-threshold. Bitcoin was riding a five-month rally and broke through the $56K level earlier in the week. The price momentum spurred analysts to predict a $60K target for the king coin. However, on October 13th, BTC experienced a widely anticipated pullback as bulls struggled with propping the coin’s price level any higher.
Currently, analysts say there is no cause for alarm. “This BTC pullback doesn’t worry me at all,” disclosed trader and analyst, Rekt Capital. He further stated that this development was necessary for the grand scheme of things for BTC to consolidate and further push. Another party – popular trader Pentoshi, also shared this sentiment. He suggested that the higher low would serve as a launchpad, where BTC could run higher levels. In fact, several analysts already earmarked the $58K price level as a tricky resistance that would require a few breakthrough attempts. Furthermore, they suggested those who were looking to newly get in on the action could do so at the $53K-price level retracement.
Data from Cointelegraph Markets Pro, and TradingView showed BTC/USD in a slight reverse from its five-month high to land below $54K. Price eventually inched upwards a little bit more to $55K.
As of press time, the price of the leading crypto is around $57K.
Image Credits: Pixabay
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
