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.
Mar 8, 2021 at 5:37 p.m. UTCUpdated Aug 19, 2021 at 7:50 a.m. UTC
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindeskuat/AW2YKZNCMBA7BNN33ACC5ZH3RA.png)
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.
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.
STORY CONTINUES BELOW
13:18
Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
05:10
Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
04:07
The first video of the year 2024
40:07
The last regression video of the year 3.67.0
- 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.
:format(webp)/downloads.coindesk.com/arc/failsafe/user/1x1.png)