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Bitcoin holds at 4-month high

BTC rallied 5.15% to $57,471 on Monday, October 11. The uptrend started at the opening of the Asian session and continued UP until the close of European trading. The leading cryptocurrency reached an intraday high of $57,839, but then ran out of steam. Selling broke out at $57,300, forcing buyers to retreat to $56,400.

Price action rose to $57,680 On Tuesday, October 12. Sellers are still trying to defend the $58k level. The external new flow still looks favorable for a breakout to $60k. Support is located at $55,800 and it needs to be watched. If this level fails to hold, a deep correction could break out with targets in the vicinity of $51k.

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