When Bitcoin price is in an uptrend or a downtrend, it is usually obvious and undeniable due to just how powerful things can move. For example, the cryptocurrency soared from $3,800 to $65,000 during the most recent impulse. Although there was a large setback, a trend-identifying indicator created by the “Father of Trend Following” suggests that Bitcoin is as bullish as ever, and after a defense of an important conflict line, the cryptocurrency is ready to blast off higher. The Bitcoin Uptrend That’s Not Yet Ready To End After Black Thursday in 2020, Bitcoin price went on a year-long uptrend that came to a climax this past April around the same time Coinbase Global (COIN) was listed on the Nasdaq. The first ever cryptocurrency climbed more than 1,500% and reached more than a $1 trillion market cap. The correction wiped out more than 60% of it, and left the market reeling enough to question if the cycle had concluded. Related Reading | What Bear Market? Bulls Now “In Control” Over Every Bitcoin Timeframe Mixed signals are everywhere, with many pointing toward a bear market, with others are saying the integrity of the bull market was never quite broken. Sideways price action following the selloff has made the current trend a lot less clear. However, zooming out using the Donchian Channels technical indicator on monthly timeframes, the uptrend holding becomes a lot more visible – especially when comparing p...
