26th July 2021 | ZebPay Trade-Desk
Bitcoin has witnessed an uptrend over the past couple of days as it skyrocketed from $30,000 to $38,500 levels. The asset finally beat the stiff resistance of $35,000, and since then has rallied upwards. We have also seen volumes build up gradually, as institutional investors seem to be building their positions at these levels.
Bitcoin last week did not test the support of $28,800 (Previous Low) and reversed from the weekly low of $29,301. Technically on the daily time frame, the asset has made a ‘Bullish Engulfing’ pattern and has surged almost by 35% making ‘Higher High Higher Low’ formation. Bitcoin has faced stiff resistance around $40,000 to $42,500 multiple times in the past. Hence to further rally, the prices need to trade and close above $42,500.
Support 2Support 1AssetResistance 1Resistance 2$28,800$31,000BTC$40,000$42,500
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