BTC Holds around $55k

BTC 4 hr candle chart, approximately 3:45 pm ET, 10/8/21.

BTC is holding in this area with fairly consistent volume since reaching the 55k area. On the fundamental side of things, on-chain analysis is showing that BTC reserves of exchanges are at lows that haven’t been seen since October of 2017. This is important because October of 2017 is only a couple of months before BTC saw its all-time high in the previous halving cycle. This could be a sign of an impending supply shock, which could affect BTC price action.

The overall market volume is also still above $100 billion. The overall cryptocurrency market cap is holding above $2.3 trilion as well.