21 June 2021 | ZebPay Trade-Desk
Bitcoin (BTC) has been on a volatile price spree over the last few days. The asset has been fluctuating between $34,000 – $41,000, and currently trades at $34,500 levels. It has been witnessing a fall the past 3 days, and the bearish stance continues. Volumes too have seen a dip, compared to last week.
BTC, last week, yet again resisted around the $41,000 mark and plunged almost 20% and made a low of $33,347. On the daily time frame, the asset post making a ‘Spinning Top’ candle at the recent high has made a ‘Lower Top Lower Bottom’ formation. However, BTC is trying to take support around $33,500 levels as the candle made a longer lower shadow indicating some buying at these levels. If it sustains the support level then we can expect some recovery. Else, we may see further downfall and the prices may slide to the next support level of $31,111.
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