24 May 2021 | ZebPay Trade-Desk
Crypto markets have been in the red the past few days. Bitcoin has seen a major correction over the past few days and has further fallen from $43,000 levels to $36,000 levels at which it currently trades. The analytics above suggest that Bitcoin has been looked at as the most preferred asset among the digital assets in times of uncertainty with volumes shifting to the same and dominance in market cap taking a slow uplift again.
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 $31,111. On the technical front, post making the low, the asset has started moving upwards making the ‘Higher Highs Higher Lows’ formation. Currently, BTC is consolidating at the resistance level of $36,000. Hence, for the prices to go further up it needs to break and trade above the resistance level of $36,000. Once it closes above the mentioned level, we can expect the prices to surge up to $39,000 levels.
| Resistance 2 | $39,000 |
| Resistance 1 | $36,000 |
| BTC | |
| Support 1 | $34,100 |
| Support 2 | $31,111 |
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