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Bitcoin bounces off $55,600 horizontal support

Bitcoin fell 0.7% to $57,138 on Wednesday, November 24. The seventh day has passed since BTCUSDT got stuck in a sideways trend. A flat trend is nerve-wracking both for sellers and buyers.

The Bitcoin price bounced off the $55,600 horizontal support following a lengthy decline from the all-time high of $69k. By the time of writing, Bitcoin was trading at $58,257, up over 2%. Buyers are approaching the $58,800 resistance level. Today they have the chance to use a correction in the dollar to bolster their positions and break out to $60k. Ether has seen even stronger gains, since it is bought for Bitcoin.

The greenback looks sluggish today as the US market is offline in observance of the Thanksgiving holiday.

Sellers are in control of the local downtrend to $61,500. Above it, many traders will have to cover their short positions, since the price could rally to $65k in line with the uptrend, which originated from $1,700 back in June. A rebound from $58,800 would attract sellers who are currently watching the market from the sidelines.

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