Analyst: bitcoin trades in an upward channel despite the decline in price

Despite falling below $56,000, Bitcoin's long-term prospects remain optimistic.

ChapterResearch Department Stack Funds told CoinDesk reporters:

We have retraced 18% from a record high, but this has already happened several times this year. Bitcoin is still trading within the ascending channel.

Besides:

Now there is no strong catalyst on the market that would push the bitcoin price up, and whales are not accumulating as actively as in past races.

He believes that the price decline – This is a typical correction in a bull market and may continue. According to him, the nearest support level is near the levels of $51,000 – $53,000.

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Based on materialswww.coindesk.com