12 July 2021 | ZebPay Trade-Desk
The upcoming Grayscale unlockings, coupled with the Taproot upgrade, has already led to blockchain data pointing to increased buying by wealthy investors and BTC whales, so a bullish move upward seems likely soon. The upside is likely to play out, above the 50-day moving average (MA) resistance, which currently sits at $36,000 levels. Most analysts believe that BTC has factored in most, if not all of the negative news during the May sell-off when the price fell from $60,000 to $30,000. Hence, the downside, if any, is likely to be fairly limited.
Bitcoin, post making the low of $28,800 showed signs of recovery and rallied almost by 27.3% up to $36,675. The asset faced stiff resistance around $36,500 and corrected almost by 12% making the weekly low of $32,111. Technically, BTC is trading sideways and in a broad range from $36,500 to $31,00 and Breakouts on either side with good volumes will decide the further trend for the asset.
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