31 May 2021 | ZebPay Trade-Desk
Over the past two weeks, Bitcoin has witnessed a major correction. The asset witnessed the much-anticipated correction this month, and it fell from its all-time high of $64,863 in the previous month, and currently trades at $35,000 levels. Due to this, Bitcoin’s market capitalization also fell significantly this month to approximately $700 billion currently. But it is still the most prominent asset in this space. On the positive side, the crypto community, as well as financial institutions, and banks continue to keep a bullish stance on the asset.
BTC showed some good signs of recovery and the prices surged up to $36,500. The bulls, however, failed to manage the grip on the asset and were not able to break the resistance and hence, prices have retraced from these levels. $34,376 will act as an important support level and if the asset fails to hold this level we may see further downside movement. At the time of writing, BTC is trading at $34,850.
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