Share this article
BTC
$84,479.45
-
0.45%ETH
$1,634.09
+
0.45%USDT
$0.9998
+
0.01%XRP
$2.1334
-
4.11%BNB
$589.98
-
0.68%SOL
$132.78
+
1.08%USDC
$0.9999
+
0.00%TRX
$0.2566
+
4.18%DOGE
$0.1638
-
2.52%ADA
$0.6397
-
3.94%LEO
$9.3798
-
0.31%LINK
$12.79
-
2.63%AVAX
$20.03
-
0.86%XLM
$0.2433
-
2.68%SUI
$2.2972
-
2.80%SHIB
$0.0₄1223
-
1.51%HBAR
$0.1673
-
4.65%TON
$2.8438
-
2.40%BCH
$338.70
-
2.23%LTC
$77.55
-
2.19%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menuConsensus
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars & Events
Bitcoin Avoids Bear Market, Long-Term Uptrend Intact
Resistance near $50,000 to $55,000 could stall the recovery given short-term overbought signals.
Bitcoin (BTC) remains in a long-term uptrend despite the sharp 50% correction from the all-time high of over $63,000 in April. Buyers were able to defend support at around $30,000 after a two-month consolidation phase, which resolved to the upside. Bitcoin faces resistance at $50,000 to $55,000, which could stall the recovery given short-term overbought signals.
STORY CONTINUES BELOW
The chart below shows an ascending channel, which is formed from the 2017 price high of nearly $16,000 and the 2021 price high of around $63,000. The 2019 and 2020 price lows formed rising support as buyers reacted to oversold conditions.
Unlike the 2018 bear market, bitcoin is currently holding above the 40-week moving average, which reflects renewed upside momentum. Bitcoin will need to form a decisive break above $55,000 to fully resolve the selling pressure from May.
Damanick Dantes
Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.
