13 Dec 2021 | ZebPay Trade-Desk

Bitcoin (BTC) edged higher by about 3%, finding itself above $50k. We were seeing some pretty clear signs of market fatigue by the end of last week; because of the previous weekend, Friday felt like the end of a twelve-day trading week and flows slowed as a result. After its surge to .088 last week, ETH/BTC has drawn back down to .0825.

Bitcoin after breaking the crucial support of $53,000 witnessed a sharp fall almost by 20% making the low of$42,000. Post this move, the asset showed some signs of recovery but with thin volumes. Technically on a daily chart, BTC is forming a ‘Rectangle Pattern’. The pattern indicates there is no trend, as the price moves up and down between support and resistance. The prices are consolidating in a range from $47,000 to $51,000. Breakouts on either side with good volumes will further decide the trend for the asset and to witness a rally or a bullish move BTC needs to break and sustain above the resistance of $53,000.

Key Levels:

Support 2
Support 1
Resistance 1
Resistance 2

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