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Bitcoin Monday

 01 Nov 2021 | ZebPay Trade-Desk

BTC currently trades around the $60k mark. The asset witnessed a correction of ~10%  after it hit its new ATH of $66,999 last week, and some profit booking was seen. BTC has a market capitalization of $1.1T, and a dominance of 46%. The asset now faces a stiff psychological resistance at $63,000, and if BTC does manage to cross this level, another might be on the cards. The BTC whitepaper completed 13 years yesterday, as it was released on 31 OCT. 2008. 




BITCOIN post making the all-time high of $66,999 faced stiff resistance around the $67k mark and witnessed some profit booking. The asset corrected almost by 14% making the weekly low of $57,653. BTC is taking support around $57,000 (38.2% Fibonacci Retracement Level).Currently, the asset is consolidating and trading in a range from $60,000 to $62,500. If the price holds the support then the bulls may resume the up move, if the price breaks the support then we may expect further downfall and the prices may slide to the next support level of $52,500. To further rally BTC needs to break and close above $67,000.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2
$52,500$59,500BTC$67,000$75,000

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