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.
|Support 2||Support 1||Asset||Resistance 1||Resistance 2|
Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions rdor conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum etc.are very speculative and are subject to market risks. The analysis by Author is for informational purposes only and should not be treated as investment advice.