11th Oct 2021 | ZebPay Trade-Desk
Bitcoin has witnessed a significant rally as it crossed the $53k mark and regained the $1 trillion market capitalization feat. Volumes have shown good traction, and momentum is strong too. In so doing, BTC almost entirely removed any trace of the impact China’s ban on mining had on prices in May and became a trillion-dollar asset class again. BTC dominance is up to 43% now, and this rally has sparked enthusiasm and confidence among market participants, with longer-term BTC price projections being largely bullish in nature.
BITCOIN post taking multiple support at $40,500 surged almost by 42.5% from its recent low and made the high 0f $56,545. The asset gave a breakout above the descending trendline and made ‘Higher Top Higher Bottom Formation’ and soared above the long-held resistance of $53,000 (previous high from where the asset witnessed sharp correction). Currently, BTC is consolidating at higher levels and trading in a range from $56,000 to $54,000. If the bulls manage to hold the support of $53k then we may expect the asset to further rally up to the $60k mark and if the bears push the price below $53,000 then we can expect minor correction up to $46,500.
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