Bitcoin Monday


07 June 2021 | ZebPay Trade-Desk

BTC, the leading asset by market capitalization, has been pretty range-bound over the past week. After witnessing a major correction a few weeks back, the asset seems to have gained some stability, trading in the range of $35,000 – $38,500. BTC currently trades at $36,700. Volumes have seen a slight dip over the last week, but that could be a result of the bearish stance in the marketplace. However, the past couple of days have been positive for the asset as we have seen an upside in volumes, signaling that the bearish sentiment is diminishing and bulls are buying in at higher levels. BTC hasn’t seen a major rally since the market reset, and this seems unlikely to happen very soon, and we anticipate a gradual recovery to continue.

Bitcoin, last week showed good signs of recovery, however the asset tested the resistance multiple times but failed to break and sustain above it. Technically, on the 12 hour time frame, BTC is trading sideways in a ‘Symmetrical Triangle’ pattern (During this period of indecision, the highs and the lows seem to come together at the point of the triangle with virtually no significant volume). Hence, Breakouts on either side with good volumes will further decide the trend.

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