{"id":549162,"date":"2023-08-28T16:53:53","date_gmt":"2023-08-28T16:53:53","guid":{"rendered":"https:\/\/uniquehot.com\/?p=549162"},"modified":"2024-06-11T07:07:04","modified_gmt":"2024-06-11T07:07:04","slug":"bitcoin-bullish-uptrend-remains-unbroken-heres-why","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-bullish-uptrend-remains-unbroken-heres-why\/","title":{"rendered":"Bitcoin Bullish Uptrend Remains Unbroken, Here’s Why"},"content":{"rendered":"

Bitcoin price is currently trading at slightly above $26,000 per coin, but is still reeling after last week’s 10% single day selloff. The situation looks dire for crypto bulls who were hoping for a more significant recovery to begin after such prolonged sideways.<\/p>\n

However, the bullish market structure remains unbroken. Let’s take a closer look at what exactly this means and why the 2023 uptrend is still intact.<\/p>\n

Recapping Recent BTCUSD Volatility<\/h2>\n

After a solid start to 2023 \u2013 certainly a year that’s been kinder to the king of cryptocurrency than 2022 \u2013 BTCUSD has bears celebrating and bulls kicking their wounds. Several months of sideways price action and dwindling volatility ended with a bang as expected, but the move was down and not what bulls had been hoping for.<\/p>\n

Related Reading: Bitcoin Reaches Most \u201cOversold\u201d Record Since 2020: What This Means<\/a><\/div>\n

A sharp, 10% intraday selloff caused more long liquidations than the FTX collapse, and sent the Relative Strength Index immediately into the most oversold territory in all of 2023. But even with all the carnage, Bitcoin remains in a near-term uptrend with a bullish market structure.<\/p>\n

\"bitcoin<\/p>\n

Bitcoin's uptrend is still intact | BTCUSD on TradingView.com<\/a><\/pre>\n
Why Bitcoin Price Remains In A Structural Uptrend<\/h2>\n
By pure definition, an uptrend is a series of higher highs and higher lows. Which is precisely what is still happening in BTCUSD price action throughout 2023. Currently, the FTX collapse in November 2022 was the local “low” of the downtrend. In contrast, a downtrend is a series of lower lows and lower highs. Once a new high was made in early 2023 and then a higher low was put in, the downtrend was considered over.<\/p>\n
The recent 2023 uptrend in Bitcoin hasn’t yet made a lower low after a lower high. Even a possible lower low beyond here is still without a proper lower high. This means that the top cryptocurrency by market cap could potentially bounce here, or even lower, and still maintain an overall bullish market structure<\/a>.<\/p>\n
Related Reading: This Bitcoin Continuation Pattern Points To 3-6 Months Of Uptrend Ahead<\/a><\/div>\n
A lower low would still be important, potentially warning that the market structure is turning back bearish. If a lower low happens below the $25,000 low from June 2023, then it will be all eyes on if a lower high is to follow.<\/p>\n
The 2023 uptrend in Bitcoin has been muted compared to what the cryptocurrency is capable of. BTCUSD is up roughly 50% during the first roughly nine months of the year. The final nine months of 2020, for example, had over 900% ROI by comparison. Could this type of returns soon be on the way? Or will the cryptocurrency market fall back into the clutches of bears?<\/p>\n
This chart originally appeared in Issue #18 of CoinChartist VIP<\/a>. Subscribe for free<\/a>.<\/p>\n
Tony is the author of the CoinChartist (VIP) newsletter<\/a>. Sign up for free<\/a>. Follow @TonyTheBullBTC<\/a> & @coinchartist_io<\/a> on Twitter. Or join\u00a0the TonyTradesBTC Telegram<\/a> for daily market insights and technical analysis education. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price is currently trading at slightly above $26,000 per coin, but is still reeling after last week’s 10% single day selloff. The situation looks dire for crypto bulls who were hoping for a more significant recovery to begin after such prolonged sideways. However, the bullish market structure remains unbroken. Let’s take a closer look at what exactly this means and why the 2023 uptrend is still intact. Recapping Recent BTCUSD Volatility After a solid start to 2023 \u2013 certainly a year that’s been kinder to the king of cryptocurrency than 2022 \u2013 BTCUSD has bears celebrating and bulls kicking their wounds. Several months of sideways price action and dwindling volatility ended with a bang as expected, but the move was down and not what bulls had been hoping for. Related Reading: Bitcoin Reaches Most \u201cOversold\u201d Record Since 2020: What This Means A sharp, 10% intraday selloff caused more long liquidations than the FTX collapse, and sent the Relative Strength Index immediately into the most oversold territory in all of 2023. But even with all the carnage, Bitcoin remains in a near-term uptrend with a bullish market structure. Bitcoin’s uptrend is still intact | BTCUSD on TradingView.com Why Bitcoin Price Remains In A Structural Uptrend By pure definition, an uptrend is a series of higher highs and higher lows. Which is precisely what is still happening in BTCUSD price action throughout 2023. Currently, the FTX collapse in November 2022 was the local “low” of the downtrend. In contrast, a downtrend is a series of lower lows and lower highs. Once a new high was made in early 2023 and then a higher low was put in, the downtrend was considered over. The recent 2023 uptrend in Bitcoin hasn’t yet made a lower low after a lower high. Even a possible lower low beyond here is still without a proper lower high. This means that the top cryptocurrency by market cap could potentially bounce here, or even lower, and still maintain an overall bullish market structure. Related Reading: This Bitcoin Continuation Pattern Points To 3-6 Months Of Uptrend Ahead A lower low would still be important, potentially warning that the market structure is turning back bearish. If a lower low happens below the $25,000 low from June 2023, then it will be all eyes on if a lower high is to follow. The 2023 uptrend in Bitcoin has been muted compared to what the cryptocurrency is capable of. BTCUSD is up roughly 50% during the first roughly nine months of the year. The final nine months of 2020, for example, had over 900% ROI by comparison. Could this type of returns soon be on the way? Or will the cryptocurrency market fall back into the clutches of bears? This chart originally appeared in Issue #18 of CoinChartist VIP. Subscribe for free. Tony is the author of the CoinChartist (VIP) newsletter. Sign up for free. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join\u00a0the TonyTradesBTC Telegram for daily market insights and technical analysis education. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com<\/p>\n","protected":false},"author":517,"featured_media":535180,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,78790,6664,4524,76835],"class_list":["post-549162","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\nBitcoin Bullish Uptrend Remains Unbroken, Here's Why<\/title>\n<meta name=\"description\" content=\"Bitcoin price is currently trading at slightly above $26,000 per coin, but is still reeling after last week's 10% single day selloff. 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. 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. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/uniquehot.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Bullish Uptrend Remains Unbroken, Here’s Why","url":"http:\/\/uniquehot.com\/news\/bitcoin-bullish-uptrend-remains-unbroken-heres-why\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-bullish-uptrend-remains-unbroken-heres-why\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/iStock-1015828796-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/iStock-1015828796-1.jpg?fit=2291%2C1309"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Tony \"El Toro\" Severino"}],"creator":["Tony \"El Toro\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd","btcusdt","crypto","xbt","xbtusd"],"dateCreated":"2023-08-28T16:53:53Z","datePublished":"2023-08-28T16:53:53Z","dateModified":"2024-06-11T07:07:04Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Bullish Uptrend Remains Unbroken, Here’s Why\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-bullish-uptrend-remains-unbroken-heres-why\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-bullish-uptrend-remains-unbroken-heres-why\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/iStock-1015828796-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/iStock-1015828796-1.jpg?fit=2291%2C1309\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"El Toro\\\" Severino\"}],\"creator\":[\"Tony \\\"El Toro\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\",\"btcusdt\",\"crypto\",\"xbt\",\"xbtusd\"],\"dateCreated\":\"2023-08-28T16:53:53Z\",\"datePublished\":\"2023-08-28T16:53:53Z\",\"dateModified\":\"2024-06-11T07:07:04Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/iStock-1015828796-1.jpg?fit=2291%2C1309","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/549162"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=549162"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/549162\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/535180"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=549162"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=549162"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=549162"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}