04th Oct 2021 | ZebPay Trade-Desk
Bitcoin BTC has seen an impressive recovery after the crash it witnessed early last week. Volumes have shown good traction, and momentum is strong too. BTC sees a strong resistance at $50,000, and if it does beat that level, a fresh rally can be seen. BTC dominance is up to 43% now, and the market capitalization is close to the $900bn mark.
BTC was trading in the downtrend and tested the $40,000 level by making the low of $39,600. The asset made a ‘Bullish Engulfing Pattern’ at the recent lows and started consolidating. BTC was taking multiple support at $40,500 and was not able to break the $40k mark on the downside, the bulls grabbed the opportunity with both hands and the prices surged almost by 21% making the high of $49,300. The asset has given a breakout above the descending trend line and is currently consolidating and trading in a range from $49,000 to $47,500. If BTC breaks the psychological resistance of $50k then we may expect the prices to further rally up to $53,000 to $57,000.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $40,000 | $45,500 | BTC | $53,000 | $57,000 |
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