December 4, 2021

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

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

Despite falling below $ 56,000, Bitcoin's long-term outlook remains optimistic.

Chapter Research 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.

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

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 decline in price is a typical correction in a bull market that may continue. According to him, the nearest support level is around the $ 51,000 - $ 53,000 levels.

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According to the materials www.coindesk.com

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