27 Dec 2021 | ZebPay Trade-Desk
Bitcoin (BTC) is currently trading at $50,900, a rise of 2% over the last 24 hours. Bitcoin (BTC/USD) continues to orbit the psychologically-important $50,000 figure. The tussle between the bears and the bulls is what is keeping this battle alive, and still, we don’t see a significant one-directional swing, the asset will continue to move sideways. BTC/USD has seen an upside of more than 73% year-to-date despite a depreciation of 11.4% on a month-to-date basis.
Bitcoin after witnessing a sharp fall from $69,000 to $42,333 started consolidating. The asset is trading sideways in a broad range from $45,000 to $51,500 forming a ‘Rectangle Pattern’. BTC took multiple support at $45,000 and started moving up. However, the asset has made a ‘Doji’ candle at the resistance level of the range which indicates indecisiveness on the part of bulls to continue its juggernaut for the moment. Once the breakout occurs above $52,000 with good volumes then we can expect the asset to further rally upto $60k mark. If the prices break the support of $45k then the prices can further slide to $40k levels.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $40,000 | $45,000 | BTC | $53,000 | $60,000 |
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