15 Nov 2021 | ZebPay Trade-Desk
Bitcoin (BTC) has been fairly range-bound over the weekend, trading in the range of $64,000- $66,000. The asset has a market capitalization of $1.25T, and at current prices, BTC dominance stands at 19.5%. This comes after the bullish sentiment of BTC took a turn when the SEC rejected VanEck’s Bitcoin exchange-traded product on Nov 12. However, this negative development was flipped after the successful activation of the Taproot soft fork on November 13, which saw BTC bounce back up to its current levels.
Bitcoin after consolidating gave a breakout on the upside and made the new all-time high of $69,000. However, the asset was not able to breach the psychological level of $70k and witnessed minor profit booking. Technically, on the daily time frame, BTC is making ‘Spinning Top’ and ‘DOJI’ candles with declining volumes which indicates indecision. Currently, Bitcoin is trading in a range from $64,000 to $66,000 but the good sign is that the prices are constantly taking support at 20 Day Moving Average and the asset is still in a bull run on higher time frames. To further rally BTC needs to trade and close above the recent high whereas a close below $62,000 can lead to some panic selling.
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