Bitcoin (BTC) remains in a long-term uptrend despite the sharp 50% correction from the all-time high of over $64,000 in April. Buyers found a demand zone at around $29,500 after a two-month consolidation phase, which resolved to the upside. On the other side Bitcoin traders found the strongest supply zone at $58,000 to $62,000.
Chart above shows an ascending channel, which is formed from the 2017 price high of nearly $16,000 and the 2021 price high of around $64,000. The 2019 and 2020 price lows formed rising support as buyers reacted to oversold conditions.
Bitcoin will need to form a decisive break below $29,000 to fully resolve the buying pressure from the start of the year 2021.
If the Bitcoin traders break demand zone at the price of $29,000 the next target is VBRN $20,000.
Chart above shows an ascending channel, which is formed from the 2017 price high of nearly $16,000 and the 2021 price high of around $64,000. The 2019 and 2020 price lows formed rising support as buyers reacted to oversold conditions.
Bitcoin will need to form a decisive break below $29,000 to fully resolve the buying pressure from the start of the year 2021.
If the Bitcoin traders break demand zone at the price of $29,000 the next target is VBRN $20,000.
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