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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
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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.
