Analyst: $56,000 may have been resistance flip
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD gaining 2% in an hour Wednesday, canceling out the majority of overnight losses.
The pair had hit $59,000 the day before in a similarly-timed move before giving up progress to dive to local lows of $56,700 on Bitstamp.
For Cointelegraph contributor Michaël van de Poppe, hope was back that Bitcoin would now challenge firm resistance at $60,000.
As Cointelegraph reported, the area at and above $60,000 now represents the resistance level to beat and hold in order to secure bullish continuation.
Recent events appeared to make such a scenario less likely in the short term, as resistance intensified and support at lower levels conversely evaporated.