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Bitcoin Monday

12 July 2021 | ZebPay Trade-Desk

The upcoming Grayscale unlockings, coupled with the Taproot upgrade, has already led to blockchain data pointing to increased buying by wealthy investors and BTC whales, so a bullish move upward seems likely soon. The upside is likely to play out, above the 50-day moving average (MA) resistance, which currently sits at $36,000 levels. Most analysts believe that BTC has factored in most, if not all of the negative news during the May sell-off when the price fell from $60,000 to $30,000. Hence, the downside, if any, is likely to be fairly limited.

Bitcoin, post making the low of $28,800 showed signs of recovery and rallied almost by 27.3% up to $36,675. The asset faced stiff resistance around $36,500 and corrected almost by 12% making the weekly low of $32,111. Technically, BTC is trading sideways and in a broad range from $36,500 to $31,00 and Breakouts on either side with good volumes will decide the further trend for the asset.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2
$28,800$31,000BTC$36,500$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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