This Level has played a significant role in the past as it has acted as Resistance and as Support as well on multiple occasions. If it is successfully turned into Support by the Bulls once again, it would create the first meaningful Higher High on the chart since the Correction has begun from the ATH.
However, if it fails to turn into Support, then BTC could see another leg down back towards the 55k region because this move would be seen as a Rejection from the 0.618 Fib level.
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