• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Sensei Inu Logo Sensei Inu Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Breaking News: BREAKING: Three Arrows Capital Co-Founder Receives 4-Month Jail Sentence In Singapore
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Bitcoinist.com
No Result
View All Result
Breaking News: BREAKING: Three Arrows Capital Co-Founder Receives 4-Month Jail Sentence In Singapore

Bitcoin Just Broke a Descending Trendline from 2017; Is the Bull Market Here?

Cole Petersen by Cole Petersen
3 years ago
in Bitcoin
0
  • It has been a wild 24-hours for Bitcoin and the aggregated cryptocurrency market
  • Following a long-held bout of consolidation, the benchmark digital asset is now breaking out and appears to be aiming for a test of its yearly high at $10,500
  • BTC’s latest break above $10,000 is different from those seen previously and has so far proven to be far more sustainable
  • Analysts are now noting that this movement has also allowed Bitcoin to shatter a multi-year descending resistance line formed since 2017
  • This means major upside could be brewing in the near future

Bitcoin was able to incur some tremendous momentum yesterday that allowed its price to surge as high as $10,300.

In recent months, each visit into the five-figure price region has been short-lived, with the crypto facing multiple harsh rejections here.

It is important to note that this move appears to be far more sustainable than those seen previously, and analysts are widely expecting it to see further upside in the days and weeks ahead.

One factor to keep in mind is BTC’s ability to shatter a multi-year descending trendline. This is the first time it has broken this level since it was formed in 2017, and analysts believe it marks the start of something much larger.

Bitcoin Shows Signs of Strength Following Break Above $10,000 

At the time of writing, Bitcoin is trading up nearly 4% at its current price of $10,300. This is around where its uptrend stalled following the overnight move.

This marks a notable climb from its multi-day lows of $9,300 that were set less than a week ago.

After BTC broke above the upper boundary of its prolonged consolidation channel between $9,100 and $9,300, bulls have been firmly in control.

As for where it might trend next, it does appear that $10,500 is the next heavy resistance level that bulls will likely set their sights on.

A rejection at this level would be grim for BTC, as it would mark the fourth time it has failed to surmount the selling pressure here.

BTC Posts Notable Breakout as Analysts Eye the Start of “Something Truly Massive” 

One factor to keep in mind is that this latest push higher sent Bitcoin surging past a multi-year descending trendline that was previously guiding it lower.

While speaking about this level, one analyst noted that this could be the start of “something truly massive.”

“Would you believe me if I told you this is merely the beginning of something truly massive?”

Bitcoin

Image Courtesy of Mohit Sorout. Chart via TradingView.

Unless Bitcoin does face another swift rejection at $10,500, it does appear that the cryptocurrency’s short-term outlook is beginning to reflect the brightness of its long-term outlook.

Featured image from Unplash.
Charts and pricing data via TradingView.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

ETH

ETH Futures ETF Debut – How Did The 1st Day Play Out?

10 hours ago
Crypto

A Crypto Recession Looming? Commodity Strategist Raises The Red Flag

13 hours ago
Bitcoin Silk Road Ross Ulbricht

10 Years In Prison: How Ross Ulbricht’s Silk Road Accelerated Bitcoin Adoption

2 days ago
Bitcoin price $30,000

Bitcoin Price Sets Sights On $30,000 As Holder Metric Hits New All-Time High

4 days ago
Bitcoin

Bitcoin Long-Term Metrics Point To A Different Scenario Than 2019 Fakeout: Top Analyst

4 days ago
Bitcoin

Bitcoin Hash Rate: Public Miners Account For Just 28% – Is Decentralization In Jeopardy?

4 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit

Press Releases

  • PayPal’s Stablecoin Boosts Crypto Credibility; Ripple...

    7 hours ago
  • Sportsbet.io Secures New Influencers for Ongoing Campaign

    10 hours ago
  • New Crypto Gem Ready To Upheave The Ethereum Staking...

    14 hours ago
  • 1B XRP Unlocked: Ripple (XRP) has more chances to grow than...

    15 hours ago
  • Solana (SOL) and Cardano (ADA) New Price Targets –...

    17 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.