03 May 2021| ZebPay Trade-Desk
After a correction, BTC has further rallied over the past week. The dominant cryptocurrency by market value crossed the $1.1 trillion mark recently. Presently, Bitcoin is trading around $58,500 reflecting a gain of about 2% approximately over the period of 24-hours.
As we can see from the hourly chart above, BTC after consolidating from $56,500 to $57,000, gave an upside breakout and started moving upwards. Moving Averages have given a bullish crossover and RSI is also above 50 indicating strength. The asset is facing resistance at $59,000 levels but we anticipate the prices to break the resistance and the upward journey to continue. Hence, we conclude to remain bullish on BITCOIN.
For Bitcoin to go up it needs to break the resistance of $59,036 and if the support level of $56,187 is broken we may see more downside movement.
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