Bitcoin Price Analysis: BTCUSD Peaks at $55,800 Amid Bullish Resurgence

7 October 2021 | Updated: 7 October 2021

Amid a sharp bullish resurgence across the crypto market, Bitcoin (BTC) recorded a massive jump to the $55,800 level yesterday, its highest point since early May this year.

The benchmark cryptocurrency is up by 6% and 26% over the past 24 hours and the past seven days, respectively, according to data from CoinMarketCap.

BTC reached an intraday high of $55,800 yesterday before posting a -3.5% drop below the $54,000 line a few hours ago.

Meanwhile, Bitcoin’s market dominance also recorded a significant increase, indicating that the primary cryptocurrency had a better performance than most altcoins in recent days. The BTC market dominance currently sits near 45%, a two-month high.

Also, hundreds of millions of dollars in leveraged positions got liquidated, over 90% of which were short positions. A large percentage of this liquidation came from behemoth exchange Huobi, which recorded the largest single valuation ($11 million).

Meanwhile, the altcoin sector also recorded some gains, with Shiba Inu surging by a jaw-dropping 364% over the past seven days. Ethereum (ETH, Binance Coin (BNB), Cardano (ADA), Ripple (XRP), and Polkadot (DOT) all recorded significant gains over the past 24 hours with +5.2%, +4.6%, +7.9%, +3.8%, and +12.4%. Solana (SOL) remained relatively unchanged with +1.4%, while Dogecoin (DOGE) dropped by -2.3% despite the market-wide rally.

Key Bitcoin Levels to Watch — October 7

Following a short consolidation below the $51,400 level, Bitcoin recorded a spike in trading volume, which triggered an 8% spike under four hours, helping the cryptocurrency peak at the $55,800 mark. That said, the benchmark cryptocurrency has recorded a bullish weakness this morning, as the price corrected slightly below the $54,000 support.

BTCUSD – 4-Hour Chart

We expect to see a bearish continuation to the $52,500 – $52,000 support area in the coming hours and days as the cryptocurrency comes out of overnight conditions.

Meanwhile, our resistance levels are at $55,000, $56,000, and $56,700, and our key support levels are at $54,000, $53,000, and $52,500.

Total Market Capitalization: $2.29 trillion

Bitcoin Market Capitalization: $1.01 trillion

Bitcoin Dominance: 44.3%

Market Rank: #1

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.