But on the way back down, once again, they have failed to turn it into Support. This failure has allowed the Bears to push the price down towards the low 55K area.
Once this area has been successfully defended, a slow recovery took place, which has allowed the Bulls to push the price back towards Resistance.
Currently, this Resistance is being challenged again. The importance of this level should not be underestimated. If it is turned into Support, then the chances of BTC revisiting its ATH would increase significantly, but it has to happen relatively soon, because if we get another Rejection, then BTC could tumble back down towards the 53K area.
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