11th Oct 2021 | ZebPay Trade-Desk

Bitcoin has witnessed a significant rally as it crossed the $53k mark and regained the $1 trillion market capitalization feat. Volumes have shown good traction, and momentum is strong too. In so doing, BTC almost entirely removed any trace of the impact China’s ban on mining had on prices in May and became a trillion-dollar asset class again. BTC dominance is up to 43% now, and this rally has sparked enthusiasm and confidence among market participants, with longer-term BTC price projections being largely bullish in nature.

BITCOIN post taking multiple support at $40,500 surged almost by 42.5% from its recent low and made the high 0f $56,545. The asset gave a breakout above the descending trendline and made ‘Higher Top Higher Bottom Formation’ and soared above the long-held resistance of $53,000 (previous high from where the asset witnessed sharp correction). Currently, BTC is consolidating at higher levels and trading in a range from $56,000 to $54,000. If the bulls manage to hold the support of $53k then we may expect the asset to further rally up to the $60k mark and if the bears push the price below $53,000 then we can expect minor correction up to $46,500.

Key Levels:

Support 2
Support 1
Resistance 1
Resistance 2

Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions rdor conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum etc.are very speculative and are subject to market risks. The analysis by Author is for informational purposes only and should not be treated as investment advice.

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