Bitcoin Bullish Uptrend Remains Unbroken, Here’s Why
Bitcoin price is currently trading at slightly above $26,000 per coin, but is still reeling after last week’s 10% single day selloff. The situation looks dire for crypto bulls who were hoping for a more significant recovery to begin after such prolonged sideways. However, the bullish market structure remains unbroken. Let’s take a closer look at what exactly this means and why the 2023 uptrend is still intact. Recapping Recent BTCUSD Volatility After a solid start to 2023 – certainly a year that’s been kinder to the king of cryptocurrency than 2022 – BTCUSD has bears....
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Bitcoin price continued rising yesterday from a low of $235.86 up to record a high of around $244. The new uptrend is steady and continued to push the price to higher levels earlier today reaching $244.4 at the time of writing of this analysis. By studying the 1 hour Bitfinex (BTC/USD) chart from tradingview.com and plotting the 20 hour EMA (look at the below chart), we can notice the following: The bullish wave that started on the 18th of January has gained strength during yesterday's later trading sessions, as shown by 2 bullish rallies, each consisting of 4 bullish candlesticks, on the....