Bitcoin Slips Below $55K After Being Just 15% Away From All-Time Highs
Bitcoin’s search interest has fallen to a one-year low, as its price drops below the $55K threshold. Bitcoin had been on a five-month rally, and it broke through the $56K mark earlier in the week. Analysts predicted a $60K price target for the king cryptocurrency, thanks to the price momentum. On October 13th, BTC suffered a much-anticipated pullback, as bulls failed to prop the coin’s value higher.
Analysts say that there is currently no reason to be alarm. Rekt Capital, a trader and analyst said that the pullback in BTC “does not concern me at all.” Rekt Capital analyst, Rekt Capital stated that the pullback was necessary for BTC’s consolidation and push. Pentoshi, a popular trader, shared the sentiment. He suggested that the higher low could be used as a launchpad for BTC to reach higher levels. Many analysts have already identified the $58K price point as a difficult resistance, which would require some breakthrough attempts. They also suggested that those looking to get into the action for the first time could do so at $53K price level retracement.
Data from Cointelegraph Markets Pro and tradingView showed that BTC/USD was slightly lower than its five-month peak to land below $54K. The price eventually rose slightly to $55K.
The current price of the most popular crypto is $57K as of press time