16th August 2021 | ZebPay Trade-Desk
BTC crossed the $47,000 mark today, which is the highest it has been since the mid-May sell-off that took place. However, Bitcoin (BTC) is facing a stiff challenge from the bears near the $48,000 mark, which now acts as a crucial resistance level for the asset. The good news is that even at these levels, buying is happening, which is a bullish signal, showing that the longer-term sentiment is positive, which is probably the reason why the asset is showing good momentum.
BTC is trading in a rising wedge channel where the upper line of the channel is acting as a stiff resistance. The asset is consolidating with declining volumes which indicates indecisiveness at these levels. If the breakout or close occurs above the wedge with good volumes then we can expect the prices to further rally up to $52,500 to $60,000 mark.
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