If Bitcoin is to maintain its longer-term uptrend, it must avoid breaking down below $56,000, according to a crypto analyst.
Bitcoin's next move needs to print a bullish "higher high" on the price chart to keep its uptrend intact after recently dropping below $58,000, according to a crypto analyst.
“We really need to start to bounce out of this and make a higher high to further confirm that we are in this uptrend that we’ve been in since August,” crypto analyst Matthew Hyland explained in an analysis video on Aug. 30.
“Bitcoin needs to remain above this $57.7K level, however if it were to break down, it really, ultimately would need to hold this $56K level, if we were to lose this $56K level that would be a lower low,” Hyland explained.
