Share this article
Bitcoin's 2023 Bullish Trendline in Focus as Traders Search for Directional Clues
A bullish trendline is a an upward-sloping diagonal line connecting two or more higher price lows.
Updated Aug 17, 2023, 8:30 a.m. Published Aug 17, 2023, 8:30 a.m.
Bitcoin's slow decline from the July peak near $32,000 has traders focusing on a trendline to indicate the cryptocurrency's directions.
The leading cryptocurrency has rallied over 70% this year in a textbook bullish price action, comprising higher swing lows and higher swing highs.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The bullish trendline in consideration connects the early January low and the swing lows registered in March and June. As of writing, the trendline was located below $28,000, with bitcoin changing hands near $28,600.
The trendline violation would invalidate the bullish bias, according to Peter Brandt, CEO of Factor LLC.
"As a swing trader, I would respect the violation of the trendline. So, my positions would be either short or flat," Brandt, who has been trading foreign exchange and commodity markets for over thirty years, tweeted Wednesday.
"Only if a bear trap is actually 'sprung' would I consider it a bullish development. I strongly prefer horizontal chart construction," Brandt added.
A bear trap will be confirmed if prices quickly reverse a potential trendline breakdown, leaving sellers on the wrong side of the market. Failed breakdowns of key support levels are widely considered strong bullish signals.
Per Markus Thielen, head of research and strategy at crypto services provider Matrixport, potential invalidation of the trendline could yield deeper losses.
"Prices might fall back and re-test the $25,000 support level associated with the Blackrock Bitcoin ETF filing [if the rising trendline is violated]. Investors are well advised to keep their crypto exposure to a minimum and use options," Thielen said in a note to clients on Thursday.
Bitcoin rose past the stiff resistance of $25,000 in March, flipping the said level into support, which was put to the test in the first half of June before Blackrock filed for a spot bitcoin exchange-traded fund.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Barclays Sees ‘Down-Year’ for Crypto in 2026 Without Big Catalysts
Spot trading volumes are cooling, and investor enthusiasm is fading amid a lack of structural growth drivers, analysts wrote in a new report.
What to know:
- Barclays forecasts lower crypto trading volumes in 2026, with no clear catalysts to revive market activity.
- Spot market slowdowns pose revenue challenges for retail-focused platforms like Coinbase and Robinhood, the bank said.
- Regulatory clarity, including pending market structure legislation, could shape long-term market growth despite near-term headwinds.
Top Stories
