Since March, Bitcoin has been trading within a clear downward channel, making lower highs and lower lows. While this suggests a downtrend, it should be viewed as a correction within the broader uptrend that began in early 2023.
From a long-term perspective, Bitcoin needs to clear the 68k level to aim for new all-time highs. In the short term, the sharp reversal from just below 50k has been significant, and it’s possible that a higher low has formed around 56k.
However, for the next upward move to gain traction, bulls must break through the local resistance at 61.5k.
If this resistance is cleared, the price could once again test the falling trend line, which currently lies around 68k.
From a long-term perspective, Bitcoin needs to clear the 68k level to aim for new all-time highs. In the short term, the sharp reversal from just below 50k has been significant, and it’s possible that a higher low has formed around 56k.
However, for the next upward move to gain traction, bulls must break through the local resistance at 61.5k.
If this resistance is cleared, the price could once again test the falling trend line, which currently lies around 68k.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.