Bitcoin, the world’s largest cryptocurrency by market cap, has traded at or near $30K per coin for the better part of 2023.
Throughout the year, an uptrend channel has formed that is currently still holding. If support remains unbroken, it could propel BTCUSD to the top of the parallel channel which is currently located at or around $42K per coin.
A Bitcoin Price Channel For Your Viewing Pleasure
2023 might not have featured the same painful drawdowns in Bitcoin and other cryptocurrencies as 2022 did, but the market is still doling out suffering in the form of boring, sideways price action, and crypto winter PTSD.
Although BTCUSD has mostly been ranging around the $30,000 level for months now, it has overall remained in an uptrend. Uptrends are defined as a series of higher highs and higher lows.
Oftentimes, these uptrends are supported by drawing a trend line below intraday troughs. Depending on the price action, occasionally a parallel channel will form, providing both support and
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