29 Nov 2021 | ZebPay Trade-Desk
Bitcoin (BTC) has seen a significant correction, over the past week falling by approximately 20%, fling to lows of $53,327. BTC options expiry last Friday seems to be the main reason for the fall. However, since then BTC has recovered well and currently trades at $57.500. BTC dominance stands at 42.2%, with a market capitalization of $1.2T. The overall sentiment is still positive for the asset, and the recovery trend already seems to be underway.
BTC is trading in a downtrend post making a peak of $69,000 and has corrected almost by 22.7% making the low of $53,327. Technically, on a daily time frame, the asset is taking support at the crucial level of $53,000 and showing signs of recovery and we continue to maintain a bullish stance as long as it sustains and trades above its strong support level at $53,000. However, to witness a rally, BTC needs to break and close above the resistance of $60,000.
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