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Home Cryptocurrency news

Bitcoin Bull Market Hangs in the Balance of Just One Line

Tony Spilotro by Tony Spilotro
1 year ago
in Cryptocurrency news, Bitcoin
Reading Time: 3min read
Bitcoin Bull Market Hangs in the Balance of Just One Line
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Bitcoin price is at a critical juncture, where a deeper drop from current levels could send the first-ever cryptocurrency back into a downtrend, or a climb from here could send it towards a new all-time high.

All that is left that is holding up Bitcoin from falling back into a devastating downtrend, is one simple line separating the bear market from the bull market.

Herculean Task: This One Line Is Holding Up Bitcoin’s Bull Market

Lines are psychologically important. Even though you cannot see them, lines separate town and country borders, or lines drawn in the sand represent a final stand before retaliation.

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In technical analysis, lines keep trends or price action supported or at bay.

Related Reading | This 90-Year-Old Indicator Says Bitcoin Uptrend Is Just Getting Started 

Could it really be that just one line is holding up Bitcoin’s bull market, keeping the leading cryptocurrency by market cap from dropping back into a bear trend?

According to the Relative Strength Index on weekly timeframes on Bitcoin price charts, just one line is preventing the leading crypto asset by market cap from falling back into bearish territory.

bitcoin price chart weekly relative strength index

Looking back, Bitcoin price first fell under this clearly critical line in January 2018, just as the crypto asset’s parabolic advance had been breached.

With each subsequent peak during the bear market, the cryptocurrency didn’t even come close to touching the line.

But following Bitcoin’s bear market bottom in December 2018, it built up enough momentum from its bullish base to surge into another parabolic rally, taking the price of the cryptocurrency to $14,000 at its high.

On the way up, Bitcoin price broke back above the line drawn on the RSI, but it couldn’t hold.

Come September 2019, however, just after the Bakkt trading desk launched, Bitcoin collapsed by over $2,000, sending it back into a short-lived downtrend that lasted six months. This important line was broken as a result.

The historic October pump that set a record for Bitcoin’s third-largest single-day gain on record, couldn’t even break back above this powerful line drawn on the RSI.

A rejection from that level in October took Bitcoin to its local downtrend bottom of $6,400.

Since the low was set, Bitcoin price has rallied over 60% to a 2020 high of $10,500, before falling back to current levels around $9,350.

Related Reading | Retail Crypto Sentiment Flips Bearish For First Time in 2020

The recent pullback has taken Bitcoin right to that ever-important line, where thus far the cryptocurrency has yet to breach through it.

If it holds, Bitcoin price is almost certain to stay in bull territory for an extended period – potentially not falling back into bear territory until a new all-time high is set.

But if that line cannot hold, a new all-time high may be a lot longer away.

Featured image from Shutterstock
Tags: bitcoincryptoRelative Strength IndexRSI
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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