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Bitcoin Monday

 15 Nov 2021 | ZebPay Trade-Desk

Bitcoin (BTC) has been fairly range-bound over the weekend, trading in the range of $64,000- $66,000. The asset has a market capitalization of $1.25T, and at current prices, BTC dominance stands at 19.5%. This comes after the bullish sentiment of BTC took a turn when the SEC rejected VanEck’s Bitcoin exchange-traded product on Nov 12. However, this negative development was flipped after the successful activation of the Taproot soft fork on November 13, which saw BTC bounce back up to its current levels. 




Bitcoin after consolidating gave a breakout on the upside and made the new all-time high of $69,000. However, the asset was not able to breach the psychological level of $70k and witnessed minor profit booking. Technically, on the daily time frame, BTC is making ‘Spinning Top’ and ‘DOJI’ candles with declining volumes which indicates indecision. Currently, Bitcoin is trading in a range from $64,000 to $66,000 but the good sign is that the prices are constantly taking support at 20 Day Moving Average and the asset is still in a bull run on higher time frames. To further rally BTC needs to trade and close above the recent high whereas a close below $62,000 can lead to some panic selling.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2
$62,000$57,500BTC$69,000$75,000

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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