Bitcoin price may be at among its most critical moments in its short just over a decade history. The cryptocurrency has over the last several days retested the all-important “meme” downtrend line extending from all-time high as resistance turned support.
After successfully holding, the bullish retest could be confirmed, and the last dip before Bitcoin’s next bull run could already be behind us.
Has Bitcoin Confirmed A Bullish Retest Of The “Meme” Downtrend Line?
Bitcoin price has spent three years trapped within a downtrend. This downtrend was capped off by a trendline that nearly everyone who has ever laid eyes on a BItcoin chart has likely also seen.
Few charts were shared over the last year without that key line connecting the all-time high and Bitcoin’s 2019 trip to $14,000. Because the cryptocurrency was so well contained by this well-known line, the trendline has become a “meme” throughout the crypto community.
According to Wikipedia, a “meme is an idea, behavior, or style that becomes a fad and spreads by means of imitation from person to person within a culture and often carries symbolic meaning.”
Although everyone is using this trend line, it doesn’t make it any less valid. In fact, it may be the most critical trend line the crypto asset has ever tested as resistance turned support.
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That bullish retest