The $5,600 - $5,500 range is a very important area for bitcoin. I agree with you that if it bounces there we are probably going for new all time highs this year. But if that range doesn't hold it will possibly drop a lot more, and who knows how much it will affect crypto in general.
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That's true, if the range doesn't hold we are dropping to $2.5k. I am hoping that once the tax year ends in both US and UK we will see money coming into the market and bull run will commence.