22 Nov 2021 | ZebPay Trade-Desk
Bitcoin (BTC) has seen a significant correction, over the past 10 days, falling by over $13k from its ATH of $69k on Nov. 10 to lows of $56K very recently. Surprisingly, however, this hasn’t deterred the community, as inflows continue to be strong, and volumes have held fort. Moreover, the overall sentiment hasn’t turned bearish entirely either. The biggest signal of that is the 19% drop down to $56,000 marked a local bottom, and even despite that no significant liquidation took place. Moreover, margin traders continue to remain long, which is a bullish sign as well.
BTC saw a sharp correction from its peak and the prices fell almost by 19% making the low of $55,625. Post this move, the asset witnessed short covering over the weekend and the prices rallied up to $60,070. However, it faced stiff resistance and was not able to sustain above the psychological level $60k. BTC has a very strong support zone from $53,500 to $54,500and we expect that the prices can bounce from these support levels. A break or close below these levels can lead to further downfall. To further rally, the asset needs to trade and close above the resistance zone of $60,000 to $62,000.
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