Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert & block trade
Convert crypto with one click and zero fees
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Bitcoin Trendline Breakout Suggests Continued Rally to $30.4K: Analyst

Bitcoin Trendline Breakout Suggests Continued Rally to $30.4K: Analyst

CoindeskCoindesk2023/06/21 11:01
By:Coindesk

Bitcoin has rallied nearly 10% this week, confirming an end of a two-month downtrend.

Bitcoin (BTC) has rallied nearly 10% this week, pushing through a trendline characterizing a two-month downtrend and the 50-day simple moving average of the price.

The so-called trendline breakout has now opened doors for the cryptocurrency to head toward $30,400, according to FxPro's senior market analyst Alex Kuptsikevich.

"In terms of technical analysis, this is an important bullish signal as the price closed above its 50-day moving average and above previous local highs in a sharp move on Tuesday. The move confirms the breakdown of the downtrend that has been in place for the past two months," Kuptsikevich said in an email.

"The next target for the bulls is the area between the April and May highs at $29,400-$30,400," Kuptsikevich added.

The market mood has flipped bullish this week due to a flurry of spot bitcoin ETF applications by (BLK), and (IVZ).

CoinDesk - Unknown

The falling trendline breakout in the daily chart indicates that the pullback from the April 14 high of $31,000 has run its course and the broader bullish trend has resumed.

Note the pullback ran out of steam near $25,200 – the former resistance flipped into support during the U.S. banking crisis of March.

The defense of $25,200 and the subsequent breakout a positive resolution of a technical analysis pattern called "throwback" and scope for a rally to $37,000.

Bitcoin changed hands near $28,950 at press time, according to CoinDesk data.

Edited by Parikshit Mishra.

34

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

VIPBitget VIP Weekly Research Insights

As the crypto market recovers in 2025, Digital Asset Treasury (DAT) firms and protocol token buybacks are drawing increasing attention. DAT refers to public companies accumulating crypto assets as part of their treasury. This model enhances shareholder returns through yield and price appreciation, while avoiding the direct risks of holding crypto. Similar to an ETF but more active, DAT structures can generate additional income via staking or lending, driving NAV growth. Protocol token buybacks, such as those seen with HYPE, LINK, and ENA, use protocol revenues to automatically repurchase and burn tokens. This reduces circulating supply and creates a deflationary effect. Key drivers for upside include institutional capital inflows and potential Fed rate cuts, which would stimulate risk assets. Combined with buyback mechanisms that reinforce value capture, these assets are well-positioned to lead in the next market rebound.

Bitget2025/09/12 06:52
Bitget VIP Weekly Research Insights