Bitcoin (BTC) seems to be gearing up for another comeback, as over the past few days it has been witnessing a slight uptrend in volumes, and has been fluctuating around the $40,000 mark. Last week, the asset saw a good recovery, closing in on $42,500, which is the next stiff resistance it faces. The asset has held on to the prices, which is a good sign after it recovered close to 25% over the course of last week. Finally, after three troubling months, the asset has started to trend positively, as last week it ended multiple trading sessions, closing in the green.
After closing in green for ten straight trading sessions, Bitcoin surged almost 44% from its recent low of $29,501 to a high of $42,605. The asset has resisted at a crucial level of $42,500 and has made a ‘Bearish Harami’ pattern and has corrected almost by 8%. Hence, we conclude that to further rally BTC needs to sustain and close above $42,500.
| Resistance 2 | $46,600 |
| Resistance 1 | $42,500 |
| BTC | |
| Support 1 | $35,500 |
| Support 2 | $28,800 |
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