It was a rough six months for Bitcoin longs, as the price of BTC fell by more than half from an all-time high of $126,251 last October 6th, down to the low $60,000s in Q1.
Things have turned more positive this month, though, as Bitcoin has risen from $68k at the end of March up to $79k today.
As shown below, the rally over the last week or two has pushed Bitcoin's price above the top of the downtrend channel that had formed off the highs made late last year. We've also seen a series of higher lows since the intraday low was made on February 24th.
If Bitcoin continues higher, its next test will be right around $85k, which acted as support from last November through January before ultimately giving way.
That prior support will now act as resistance that could be difficult to break through on a first or second test.
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