Bitcoin a Buy? Still no.

That’s quite a bold article title. We’re not saying that Bitcoin isn’t a worthwhile investment for the long term, but in the short term there are some signs of further downside still.

Looking at the year to date chart (start of 2022 to now) the bearish market trend is all too obvious. Since opening the year at $46,199 price dropped by about 45% to a low of $25,401. Price is now approaching upside resistance around the 50 day moving average, and the Q1 low of $32,950.

BTC/USD 1D Chart, 31 May 2022

If price breaks above this level I’ll be looking for the May open of $37,638 to be the next key resistance.

Published by Tom Stewart

Head of data analytics at TradeProofer. Analyst at Opes Trading Group. FX enthusiast.

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