30th August 2021 | ZebPay Trade-Desk
Bitcoin (BTC) bears have been able to successfully keep BTC below the $50,000 mark over the past week or so now. The heavy selling in the US dollar spot market pushed BTC upwards, towards $49,000. But, investors seem to have remained cautious, preventing the asset from beating the psychological resistance level of 50k.
The Jackson Hole event that took place last week didn’t have a significant impact on the market. However, some key macroeconomic developments this week are scheduled, namely the private sector employment data, and Non-farm payroll data which might impact the sentiments of investors and hence the market.
Bitcoin witnessed a sharp rally from its recent bottom of $28,800 and surged almost by 75% making the high of $50,505. Post this move, the bulls struggled to extend the gains above $50k and failed to take charge and break the resistance of $51,100 ( 61.8% Fibonacci Retracement Level). Currently, BTC is consolidating and is trading in the range of $46,500 to $49,500. Breakouts on either side will further decide the trend for the asset.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $42,500 | $46,500 | BTC | $51,109 | $57,000 |
Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions rdor conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum etc.are very speculative and are subject to market risks. The analysis by Author is for informational purposes only and should not be treated as investment advice.
