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Bitcoin Monday

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.

Support 2Support 1AssetResistance 1Resistance 2
$28,800$30,175BTC$35,500$42,500

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 or 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.

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