20th Sept 2021 | ZebPay Trade-Desk
Bitcoin (BTC) has been fairly range-bound over the last couple of days, trading between $45,000 – $48,000. This seems to be a consolidating phase that the asset is operating in, and the bears and preventing the asset from crossing the $48,000 mark convincingly, making this a strong psychological resistance level for BTC. Volumes have seen a slight dip over the last couple of days, which is probably why the asset tends to reverse its trend every time it witnesses an upward trend, due to the lack of momentum.
BTC post correcting 19% from $52,944 to $42,830 showed some signs of recovery and rallied slowly by 14% up to $48,825. However, the bulls failed to manage the grip on the asset as BTC made a ‘Doji Evening Star Pattern’(Bearish Pattern) on a 12 hour time frame and the bears took the charge again. Technically, the prices have been trading fairly range-bound with low volumes. BTC has a very strong support zone from $42,500 to $46,500 and if it holds and sustains above these levels then we can expect the bulls to resume the up move.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $37,250 | $42,500 | BTC | $53,000 | $57,500 |
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