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1 August 2021
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BTC Bulls Reclaims $13k Again to Retest the Resistance of $13200

  • The world’s largest cryptoasset has again reclaimed the crucial mark of $13k sustaining its positive momentum
  • The BTC dominance is also sustaining its positive movement with an increase of 0.11% over the day bringing the current level to 61.01%

As the PayPal news kicked in the cryptomarket, the price levels of major cryptoassets which were to be listed on the PayPal payment system including Bitcoin, Ethereum, Bitcoin Cash and Litecoin boosted up. BTC after breaking above $12k was looking for stability over the gained levels. Meanwhile, the fundamental news helped BTC bulls to break above $13k reaching new levels for the year.

Source: Tradingview

The weekly overview chart of the crypto king highlights the positive breakout given by the price levels. BTC is aiming to reclaim the price levels of 2018 with this significant positive momentum and gaining new levels for the year. If the bulls are able to maintain stability over the price levels, they would be targeting the resistance levels of $14,000, $16,000, and $19,400 respectively. These levels need to be looked at by the investors as they are prone to provide volatile movements to the crypto asset.

Source: Tradingview

The technical chart highlights the sudden positive bump made by BTC price levels which included breaking above $13k. Due to this sharp positive divergence in the price levels, the price mark of $12K can now act as a strong support level to break which can help BTC to avoid any sharp negative divergence. At the same time, BTC should also target sustainability over the current price levels and avoid any volatile movement. A minor magnitude of consolidation at the current level would be ideal for a long-term price growth perspective.

Source: Tradingview

The retracement table indicates that the price levels have started to show signs of price pullback from the major resistance level of $13200. A break below the 0.236fib level can indicate a major retrace coming for BTC. Otherwise, sustainability between 0.236 to 0fib level will be preferable for the bulls.

Source: Tradingview

The relative strength index is currently residing in the overbought region with the current level of 75.00. The levels are kind of retracing which can result in corrections for BTC further ahead in the market.

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