06 Dec 2021 | ZebPay Trade-Desk
Bitcoin (BTC) has seen a significant correction, over the past week falling by approximately 25%, fling to lows of $42,333. This in turn flipped the sentiment in the marketplace, which means that bears are now in charge. The panic selling came after Evergrande defaulted on yet another loan, and after BTC fell below its support at $53,000 over the weekend.
Bitcoin was taking support at $53,000 and was showing signs of recovery. However, the bulls were struggling to breach the resistance level of $60k and the 20 Day Moving average. The bears reacted as this weekend, it broke the support of $53,000 BTC and witnessed a massive 20% fall making the low of $42,333. Post this move, the asset has seen some short covering but the prices are trading below the psychological level of $50,000. Hence, to rally BTC needs to trade and close above the resistance zone of $50,000 to $53,000.
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