05 July 2021 | ZebPay Trade-Desk
Bitcoin has been pretty range-bound over the past few days. The asset has been trading between $32,500 to $36,500 levels. The Bitcoin taproot upgrade is due soon, and while the impact of that of the same prices remains to be seen, this development is likely to have a positive impact on the asset. Volumes have held up well, and the activity across the network is also good. BTC remains the favourite, as the crypto markets ride the recovery trend.
BTC post making the low of $28,800 has shown good signs of recovery and has started moving upwards. Technically, on the four-hour time frame, the asset is trading in an ‘Ascending Triangle’ pattern (This pattern is often considered a continuation pattern, as the price typically breaks out of the triangle in the price direction prevailing before the triangle) where the prices are taking support at the rising trendline. BTC is facing stiff resistance around $36,000 to $36,500. Hence, to further rally the asset needs to trade and close above $36,500.
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