Share this article
BTC
$78,986.13
+
3.66%ETH
$1,568.00
+
5.77%USDT
$0.9997
+
0.04%XRP
$1.8789
+
6.96%BNB
$558.20
+
3.75%USDC
$0.9999
+
0.00%SOL
$108.47
+
8.23%DOGE
$0.1507
+
9.49%TRX
$0.2351
+
4.10%ADA
$0.5842
+
7.23%LEO
$8.9757
+
0.53%TON
$3.1005
+
3.94%LINK
$11.61
+
8.92%XLM
$0.2290
+
5.53%AVAX
$16.94
+
10.32%SHIB
$0.0₄1122
+
3.75%SUI
$2.0304
+
12.22%HBAR
$0.1558
+
15.79%OM
$6.2737
+
3.21%BCH
$279.72
+
8.20%Sign Up
- Back to menuNews
- Back to menuPrices
- Back to menuResearch
- Back to menuConsensus
- Back to menuSponsored
- Back to menu
- Back to menu
- Back to menuResearch
- Back to menuWebinars & Events
- Back to menu
Bitcoin, Around $51K, Nears Upper Bound of 3-Year Price Trend
Upward-sloping price channel starting in late 2017 on weekly chart shows near-term resistance around $60,000.
Bitcoin's bull run over the past year may be showing signs of exhaustion as it pushes toward the upper bound of a three-year price channel, an analysis of chart patterns shows.
STORY CONTINUES BELOW
The largest cryptocurrency by market value was changing hands around $51,000 as of 16:41 coordinated universal time (11:41 a.m. ET). Bitcoin (BTC) is up 75% for the year to date.
- Upward price channel from 2017's high shows possible resistance for BTC around $60,000, which could cap upside.
- A flattening of the 50-week volume weighted moving average (VWMA) would indicate a slowing long-term uptrend, similar to 2018. For now, that 50-week VWMA is climbing, currently around $22,000.
- Traders should watch for a break below the 50-day volume weighted moving average to confirm a shift in trend.
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.
