17 May 2021 | ZebPay Trade-Desk
Crypto markets have been in the red the past few days. BTC has seen a major correction over the past few days and has fallen from $53,000 levels to $43,000 levels at which it currently trades. This comes after the assets had been witnessing a continued rally over the past few months. After failing to reclaim the $50,000 level, BTC faces renewed selling pressure in the short term, but volumes suggest that institutions have kept accumulating the asset.
As we can see from the hourly chart above, BTC gave a sharp correction over the weekend and the asset has made the low of $42,141. On the technical front, Bitcoin has made a ‘Bullish Harami’ pattern near the support level of $43,000, so we may see some pullback or relief rally from these levels. Hence, $42,141 will act as a crucial support level and if it fails to hold these levels we may see further downside on the asset whereas $46,500 will be an important resistance level to watch out for.
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