23rd August 2021 | ZebPay Trade-Desk
BTC is all set to cross the $50,000 mark. Despite witnessing lower volumes over the weekend the asset has managed to hold onto the high price levels successfully. However, how long these levels will sustain remains to be seen, as typically without volume support, reversals are likely. Having said that, $50,000 has been a psychological resistance level for a long time now, and breaking that would certainly fuel some growth, and the upward trend might continue to play out in the short term at least.
Bitcoin has touched the $50,000 mark for the first time since May and has surged almost by 72% from its recent low of $29,301. Technically on the weekly time frame, the asset is trading in an uptrend forming a ‘Higher Highs Higher Lows’ pattern. BTC may face some resistance around $51,109 levels (61.8% Fibonacci Retracement Level) and if these levels are breached with good volumes then we can expect the asset to further rally up to $57,000.
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