28 June 2021 | ZebPay Trade-Desk
Bitcoin (BTC) has been on a volatile price spree over the last few days. The asset has been fluctuating between $28,000 – $35,000, and currently trades at $34,500 levels. Since yesterday, the asset has been on an uptrend, but given the volatility, we ought to remain cautious. Over the past 24 hours, the asset is up by approximately 4%.
Bitcoin last week, post making the low of $28,800 showed signs of recovery and rallied almost 23.5% up to $35,500. The asset faced resistance and yet again witnessed a sell-off over the weekend. However, it did not test the recent lows and reversed from $30,173. Technically, the candles are making lower longer shadows around $30k indicating buying at these levels. BTC is currently trading near its immediate resistance and to further rally needs to break $35,500 convincingly.
BTC has performed well against Ethereum (ETH) over the past week, which reflects its dominant position in the market. Last week, the ETH/BTC ratio was 0.063, but since then, it has made a low 0.055, which is a gain of 13%, as BTC has appreciated more comparatively vs ETH.
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