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.

By Damanick Dantes

Mar 8, 2021 at 5:37 p.m. UTC

Updated Sep 14, 2021 at 12:22 p.m. UTC

BTC long term channel fixed — Weekly price chart shows long-term channel resistance, with 50-week volume weighted moving average shown in the blue line. (It flattened around 2018, preceding a downtrend).

Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Secure Your Seat

Damanick Dantes

Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Secure Your Seat

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.

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.

Read more about

Bitcoin Markets Technical Analysis

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Damanick Dantes

Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.