10 May 2021 | ZebPay Trade-Desk
BTC has been fairly range-bound over the past week. The dominant cryptocurrency by market value continues to benefit from good inflows and volumes. Presently, Bitcoin is trading around $58,500 reflecting a gain of about 1% approximately over the period of 24-hours.
As we can see from the hourly chart above, BTC, after correcting almost 5.5% from $59,500 has started moving upwards and has resisted again exactly at the same level ($59,500). On the technical front, the Moving Average has given a bullish crossover and RSI is also above 50 indicating strength. We anticipate the uptrend to continue until it’s trading above the uptrend line. Hence, we continue to remain bullish on the asset.
For Bitcoin to go up it needs to break the resistance of $59,500 and if the support level of $57,100 is broken we may see more downside.
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