The Bulls have realized that this move could be a make-or-break moment for BTC and they started to pile in to prevent the price from falling below this significant level.
A sharp bounce has soon followed as BTC started to recover. Later on, the momentum behind the recovery has picked up, allowing the price to climb back towards the 57500$ Resistance Level with relative ease.
This Resistance Level has caused a lot of trouble for the Bulls in the past as every attempt they have made to turn it into Support has failed. A successful Resistance to Support flip could re-build the bullish sentiment which will be needed to push BTC back towards ATH.
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