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Bitcoin takes out technical resistance level

11 Oct, 2021

Bitcoin shied off a move above 56k on Friday. The price stalled at 56,086. The price action into the wider market close saw it slip back to below 54k. The price action over the weekend was generally positive as it lifted back for another look at 56k and eventually that has delivered a move above the noted, Fibonacci retracement level, which is in place at 56,363. The move through this level has in fact, just now extended to above 56,500. The move up from an earlier low, just underneath 54,500 has been quite rapid and dynamic and there seems to be some strong demand for the lead cryptocurrency in recent trading. The move above 56,363 does now open a path to retest the all time highs, but of course that is not guaranteed. However, and from a technical perspective there is not much in the way of it it making such a move. Bitcoin has traded to as high as 56,713 so far today and it is currently trading at 56,610

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