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Bitcoin Monday

 25th Oct 2021 | ZebPay Trade-Desk

Bitcoin (BTC) currently trades around the $62k mark. The asset witnessed a slight correction after it hit its new ATH of $66,930 last week. Some consolidation is seen, but volumes have continued to hold up well. BTC has a market capitalization of $1.2T and a dominance of 46%. In a nutshell, the past week has been a good one for the market, and largely in the green. Between ETF approval, ETF launch and now new ATHs, the pace of news is frenetic, but all positive.

Bulls are making it large as Bitcoin skyrocketed to the new all-time high of $66,999. BTC is trading in a steep uptrend and has surged almost by 64% within a month. The asset faced resistance at the $67k mark and witnessed some profit bookings at these levels as the price corrected almost by 11% from the peak and made the weekly low of $59,650. If the price holds the support of $59,500 then the bulls may resume the up move. Technically, $65,000 to $67,000 will act as a strong resistance zone, and to further rally BTC needs to break and close above the resistance level whereas $60,000 will act as strong support for the asset.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 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.


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