30th August 2021 | ZebPay Trade-Desk
Bitcoin (BTC) bears have been able to successfully keep BTC below the $50,000 mark over the past week or so now. The heavy selling in the US dollar spot market pushed BTC upwards, towards $49,000. But, investors seem to have remained cautious, preventing the asset from beating the psychological resistance level of 50k.
The Jackson Hole event that took place last week didn’t have a significant impact on the market. However, some key macroeconomic developments this week are scheduled, namely the private sector employment data, and Non-farm payroll data which might impact the sentiments of investors and hence the market.
Bitcoin witnessed a sharp rally from its recent bottom of $28,800 and surged almost by 75% making the high of $50,505. Post this move, the bulls struggled to extend the gains above $50k and failed to take charge and break the resistance of $51,100 ( 61.8% Fibonacci Retracement Level). Currently, BTC is consolidating and is trading in the range of $46,500 to $49,500. Breakouts on either side will further decide the trend for the asset.
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