14 February 2022 | ZebPay Trade-Desk

BTC was sharply rejected at the $45K level last week, what was once a core support threshold has since turned to resistance, one likely to hold for the time being. The hot miss on the CPI report and short-term profit both drive the current price action. Since then the asset has been on a downtrend, down 10% over the weekend.

BITCOIN after making the low of $32,933 surged almost by 39% and made a high of $45,855. The asset faced stiff resistance at $45,000 (Horizontal Trendline) and witnessed some profit booking. BTC is trading in red for the fifth straight session but with declining volumes. If the price holds and sustains the support zone from $39,500 to $40,000 then the bulls may resume the up move. Once it breaks and closes above the resistance of $45,000    then the prices can rally up to the $50k mark.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2$35,000$39,500BTC$45,000$53,000

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