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Bitcoin avoids bear market, long-term uptrend intact

Bitcoin avoids bear market, long-term uptrend intact
CoinDesk Analysis TeamCoinDesk Analysis TeamCoinDesk

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 around $63,000 in April. Buyers were able to defend support around $30,000 after a two-month consolidation phase, which resolved to the upside. Bitcoin faces resistance near $50,000 to $55,000, which could stall the recovery given short-term overbought signals. 

The chart below shows an ascending channel, which is formed from the 2017 price high near $16,000 and the 2021 price high around $63,000. The 2019 and 2020 price lows formed rising support as buyers reacted to oversold conditions. 

Unlike the 2018 bear market, bitcoin (BTC, +1.58%) 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.

Bitcoin

Bitcoin weekly price chart.

Source: TradingView/CoinDesk

Author

CoinDesk Analysis Team

CoinDesk is the media platform for the next generation of investors exploring how cryptocurrencies and digital assets are contributing to the evolution of the global financial system.

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