27th Sept 2021 | ZebPay Trade-Desk
The battle between the bears and the bulls continues as the asset hovers around $44,000. After BTC dropped below $40,000 on Sept. 21, the asset now trades above $44,150. Volumes have seen an uptrend movement over the past few days and that is anticipated, as when assets correct, it looks a lot more attractive, which is why participants buy-in. The asset seems to have recovered well after it saw a major fall after China’s crackdown on cryptocurrency last week.
Bitcoin last week, post making the low of $39,600, showed signs of recovery and rallied almost by 13.5% up to $45,200. The asset faced resistance around $45,000 and yet again witnessed sell off over the weekend. However, it did not test the recent lows and reversed from $40,683. Although BTC is trading in a downtrend it has taken support around $40k and made a ‘Bullish Engulfing’ Pattern which is a two candle bullish reversal pattern occurring in a downtrend. If the bulls manage to hold the support, BTC might resume its up move and we can expect some relief rally. The asset has a strong resistance around $45,000 to $46,500, if the breakout occurs above these levels then the prices may rally up to $50k mark. On the contrary, the break or close below the recent low, the bears will take the lead and the prices could slide to $37,000.
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