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.

Resistance 2$62493
Resistance 1$59,036
Support 1$56,187
Support 2$4,096

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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