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Bitcoin struggling to maintain momentum so far today

13 Oct, 2021

Bitcoin seemed to run into a brick wall yesterday afternoon at around 57,500. The failure to push higher eventually led to a rather steep relapse. That saw the price accelerate to the downside, once any technical support around 56,363 was eventually taken out. That level had previously capped any downside earlier in the session. The drop back through this price point triggered selling that took the price rapidly to as low as 53,965. It did rebound earlier today, but it could not get back above 56,500 and in recent trade it has fallen once more. The price just now dipped below 55k again, reaching a session low at 54,827. It has rebounded a little right now, but it will need to reclaim levels back above 56,363 in a sustained way, or there is a risk; that the move lower yesterday evening may not be the last of it. There are concerns mounting in the crypto sphere that a more, hard line approach to its US regulation could now be a reality. Bitcoin is currently trading at 55,300

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