Bitcoin (CRYPTO: BTC) is up over 20% from its lows below $60,000, but a prominent crypto analyst on Wednesday cautioned that similar rallies in previous bear markets ultimately gave way to fresh lows.
Why BTC Needs to Break Resistance
In his latest podcast update, Benjamin Cowen said Bitcoin has rallied back into what he calls the “bear market resistance band.” This is a key technical zone that has repeatedly capped BTC’s recovery attempts this year.
Bitcoin has spent much of recent months compressed between that resistance band and the 200-week moving average.
While reclaiming the 200-day moving average is constructive, Cowen said Bitcoin needs to push through the resistance band and subsequently hold it as support.
