BTC's Year Long Accumulation

6 May 2023

Looking at the BTC weekly chart it is clear that for the last year BTC has been in an accumulation zone and the recent markup in March represents a breakout to the upside of this channel/zone.

November's markdown, mostly fueled by negative crypto news in the wake of FTX's collapse, resulted in a failed breakout to the downside.

Note the bar range differences in the sideways market after the November failed breakout and after March's breakout.