06 September 2021 | ZebPay Trade-Desk
BTC finally breached the much-awaited $51,000 mark, and now faces its next stiff psychological resistance at $55,000. The asset’s rally has also been supported by good volumes and momentum, which is always a reassuring sign. As the supply of BTC diminishes, the upward price pressure on the asset seems to be increasing, causing it to become more valuable, as demand continues to persist. BTC currently has a market capitalization of $975bn, and if it continues to follow the trend that it has been over the past few days, a $1tr market cap level again doesn’t seem unachievable in the near future.
Bitcoin post surging 75% from $28,800 up to $50,505. The asset was struggling to breach the important resistance level of $51,000 (61.8% Fibonacci Retracement Level) and was consolidating and trading sideways in a range from $46,500 to $50,000. BTC had finally given a breakout above the resistance yesterday. If the prices sustain above these levels then we can expect the asset to surge up to $57,500.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $42,500 | $46,500 | BTC | $57,500 | $61,500 |
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