{"id":417511,"date":"2020-03-09T16:00:17","date_gmt":"2020-03-09T16:00:17","guid":{"rendered":"https:\/\/uniquehot.com\/?p=417511"},"modified":"2020-03-09T14:12:51","modified_gmt":"2020-03-09T14:12:51","slug":"bitcoin-fate-bull-market-support","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-fate-bull-market-support\/","title":{"rendered":"The Fate of Bitcoin Rests On This Seven-Year Secular Bull Market Support"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\"><a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> just experienced its worst single-day drop in 2020 so far but is just the latest fall since the asset\u2019s failure to find sustained buying interest above $10,000.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">This latest collapse has shocked crypto investors and pushed Bitcoin down to a support line that\u2019s held up now for seven years running. Rebounding from here would suggest current prices are the greatest financial opportunity yet, but breaking below the line could be a signal to dump all crypto holdings.<\/span><\/p>\n<h2>This Support Line Dates Back Seven Years of Bull Market<\/h2>\n<p class=\"p1\"><span class=\"s1\">It\u2019s been said dozens of times before this, but this moment is critical for <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> and could very well be its make it or break it moment that decides its fate.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/2020\/03\/05\/coronavirus-buy-bitcoin-cash-dirty\/\">The Coronavirus May Be The Best Reason Yet To Own Bitcoin<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">And what the first-ever cryptocurrency could be breaking, is a support line dating back to 2013 that\u2019s helped carry Bitcoin from just $32 per BTC to just under $20,000 at its peak.<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-417514\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/03\/Screen-Shot-2020-03-09-at-9.34.45-AM.png?resize=860%2C459\" alt=\"bitcoin price chart\" width=\"860\" height=\"459\"><\/p>\n<p class=\"p1\"><span class=\"s1\">On monthly Bitcoin price charts, a trend line can be seen supporting the cryptocurrency, dating back to March of 2013.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The support line didn\u2019t get another touch, until the second bottom during the 2015 bear market double bottom.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">There was yet another touch in 2016 that acted as a launchpad for the 2017 crypto bubble that made <a href=\"https:\/\/uniquehot.com\/2018\/12\/01\/what-is-bitcoin-crypto-featured-as-category-on-jeopardy\/\">Bitcoin a household name<\/a>.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">It wasn\u2019t until February 2019 that Bitcoin touched this line yet again, causing the asset to take off towards $14,000.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">There, it failed to breakthrough monthly resistance and fell back down toward the line for multiple touches. This line also supported the \u201cbottom\u201d at $6,400 that sent Bitcoin soaring back above $10,000.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">But <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> is back there once again, and this time, it is facing a black swan event with the <a href=\"https:\/\/www.npr.org\/sections\/health-shots\/2020\/03\/09\/813616982\/coronavirus-u-s-has-564-cases-stricken-cruise-ship-to-dock-in-california\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">spread of the coronavirus pandemic<\/a> and a coinciding stock market collapse.<\/span><\/p>\n<h2>What Happens to Bitcoin If This Line Fails or Holds?<\/h2>\n<p class=\"p1\"><span class=\"s1\">The first-ever cryptocurrency was built during the last recession but is about to face the first major recession since its creation. A <a href=\"https:\/\/www.marketwatch.com\/story\/heres-how-the-plunging-stock-market-could-cause-a-recession-2020-03-09?siteid=\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">recession and panic-induced selloff<\/a> over fears of a pandemic could be what causes this line to finally give way and breakdown.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">A breakdown would end over seven-years of support and a secular bull market that\u2019s been going on since the cryptocurrency was first created.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/2020\/03\/05\/the-most-powerful-crypto-ceo-is-skeptical-of-bitcoins-future\/\">The Most Powerful Crypto CEO Is Skeptical of Bitcoin\u2019s Future\u00a0<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">If somehow <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> can withstand the forces of fear and uncertainty and bounce at this level, those who are buying the asset are likely doing so at the greatest possible financial opportunity ever.<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-417515\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/03\/Screen-Shot-2020-03-09-at-9.56.13-AM.png?resize=860%2C457\" alt=\"bitcoin price chart\" width=\"860\" height=\"457\"><\/p>\n<p class=\"p1\"><span class=\"s1\">Currently, <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> has never closed a monthly candle below this line. On weekly timeframes, Bitcoin appears to be losing this critical line currently. However, all hope is not lost. During late 2015, Bitcoin closed a handful of weekly candles below the line, before breaking back above it and going on the greatest bull run the world has ever seen.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Will history repeat itself, or is it time for a new line to be drawn?<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin just experienced its worst single-day drop in 2020 so far but is just the latest fall since the asset\u2019s failure to find sustained buying interest above $10,000. This latest collapse has shocked crypto investors and pushed Bitcoin down to a support line that\u2019s held up now for seven years running. Rebounding from here would suggest current prices are the greatest financial opportunity yet, but breaking below the line could be a signal to dump all crypto holdings. This Support Line Dates Back Seven Years of Bull Market It\u2019s been said dozens of times before this, but this moment is critical for Bitcoin and could very well be its make it or break it moment that decides its fate. Related Reading | The Coronavirus May Be The Best Reason Yet To Own Bitcoin And what the first-ever cryptocurrency could be breaking, is a support line dating back to 2013 that\u2019s helped carry Bitcoin from just $32 per BTC to just under $20,000 at its peak. On monthly Bitcoin price charts, a trend line can be seen supporting the cryptocurrency, dating back to March of 2013. The support line didn\u2019t get another touch, until the second bottom during the 2015 bear market double bottom. There was yet another touch in 2016 that acted as a launchpad for the 2017 crypto bubble that made Bitcoin a household name. It wasn\u2019t until February 2019 that Bitcoin touched this line yet again, causing the asset to take off towards $14,000. There, it failed to breakthrough monthly resistance and fell back down toward the line for multiple touches. This line also supported the \u201cbottom\u201d at $6,400 that sent Bitcoin soaring back above $10,000. But Bitcoin is back there once again, and this time, it is facing a black swan event with the spread of the coronavirus pandemic and a coinciding stock market collapse. What Happens to Bitcoin If This Line Fails or Holds? The first-ever cryptocurrency was built during the last recession but is about to face the first major recession since its creation. A recession and panic-induced selloff over fears of a pandemic could be what causes this line to finally give way and breakdown. A breakdown would end over seven-years of support and a secular bull market that\u2019s been going on since the cryptocurrency was first created. Related Reading | The Most Powerful Crypto CEO Is Skeptical of Bitcoin\u2019s Future\u00a0 If somehow Bitcoin can withstand the forces of fear and uncertainty and bounce at this level, those who are buying the asset are likely doing so at the greatest possible financial opportunity ever. Currently, Bitcoin has never closed a monthly candle below this line. On weekly timeframes, Bitcoin appears to be losing this critical line currently. However, all hope is not lost. During late 2015, Bitcoin closed a handful of weekly candles below the line, before breaking back above it and going on the greatest bull run the world has ever seen. Will history repeat itself, or is it time for a new line to be drawn?<\/p>\n","protected":false},"author":517,"featured_media":417513,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,6664,53312,4018],"class_list":["post-417511","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-crypto","tag-monthly","tag-support"],"acf":[],"yoast_head":"\n<title>The Fate of Bitcoin Rests On This Seven-Year Secular Bull Market Support<\/title>\n<meta name=\"description\" content=\"Bitcoin just experienced its worst single-day drop in 2020 so far but is just the latest fall since the asset\u2019s failure to find sustained buying interest\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/bitcoin-fate-bull-market-support\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Fate of Bitcoin Rests On This Seven-Year Secular Bull Market Support\" \/>\n<meta property=\"og:description\" content=\"Bitcoin just experienced its worst single-day drop in 2020 so far but is just the latest fall since the asset\u2019s failure to find sustained buying interest\" \/>\n<meta property=\"og:url\" content=\"https:\/\/uniquehot.com\/news\/bitcoin-fate-bull-market-support\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2020-03-09T16:00:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-03-09T14:12:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/03\/bitcoin-crypto-monthly-support-bull-market-shutterstock_464921513.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"627\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;El Toro&quot; 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. 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