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Bitcoin Monday

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.

Resistance 2$38,884
Resistance 1$37,111
Support 1$34,376
Support 2$33,333

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 or 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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