21 February 2022 | ZebPay Trade-Desk

BTC was sharply rejected at the $40K level over the weekend and has been trading in the $38,500-39,500 range since.  The Bitcoin network has hit another all-time high in terms of difficulty as the competition among miners intensifies over the past few months. On-chain analysis indicates that on Friday mining difficulty reached a new high of 27.97 trillion hashes.

BITCOIN after making the low of $32,933 started moving in an uptrend and rallied up to $45,855. The asset faced stiff resistance at $45,500 (Horizontal trendline) and corrected almost by 16%. BTC broke the key support of $39,500 and made a low of $38,000. The asset has a strong support zone from $35,500 to $36,500 whereas $39,500 will now act as a strong resistance. If the bulls fail to defend the support then we can expect further downfall and the prices can test the $32k levels. To witness a rally BTC  needs to sustain and close above $39,500.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2$32,000$35,500BTC$39,500$45,000

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