Analyst Says Bitcoin Still Keeping it Simple as It Maintains Ascending Channel Above Super Trend Support

Analyst IncomeSharks suggests Bitcoin is “keeping it simple,” climbing within a clear ascending channel as bullish momentum holds steady.

Bitcoin has recorded a steady upward trend over the past week, marked by sharp fluctuations but underpinned by sustained bullish momentum. Despite these swings, the general trajectory since May 17 remains positive. 

The current price action shows a sustained yet volatile uptrend, attracting closer analysis from technical and on-chain perspectives.

Technical Indicators Support Ongoing Bullish Momentum

One of the parties involved on May 19 was the analytic account IncomeSharks, which shared a daily chart showing a sustained climb within a clearly defined ascending channel. Since mid-April, the price action has consistently made higher highs and higher lows, showing continued support for the bullish trend. 

Notably, the SuperTrend indicator has played a major role in tracking this progression. Displayed as a green line beneath the price, it sat at $96,240 at the time of IncomeSharks’ post.

The proximity to this SuperTrend value signals a key support level. The market’s reaction in the next 24 to 48 hours could determine whether the current uptrend continues or faces a temporary pullback. 

The same indicator issued a buy signal on April 21, when Bitcoin traded near $96,000. This still acts as a crucial support. It also signaled the beginning of the current upward phase. Before that, in early April, the SuperTrend had flashed a sell signal, which coincided with a brief consolidation period and modest decline.

Meanwhile, the ascending channel has remained intact throughout this period, reflecting a consistent structure. Price movements have respected the boundaries of the channel, offering further confirmation of the ongoing strength in the trend.

The chart implies that Bitcoin is likely to continue climbing, provided it stays within the ascending channel and holds above the SuperTrend support. The visual projection aims for potential upside toward $112,000 to $120,000, assuming the current structure remains valid.

Resilience Without Signs of Overheating

Elsewhere, a CryptoQuant analyst dubbed Avocado has highlighted a key shift in Bitcoin’s recent price recovery. Previous rallies to new all-time highs were marked by a rapid spike in Binance market buy volumes and funding rates. 

These spikes triggered periods of overheating, followed by sharp corrections. According to Avocado’s assessment, this pattern occurred twice during the current cycle and is visible in historical chart boxes labeled 1 and 2.

However, the ongoing rebound diverges from this pattern. Box 3 on the chart shows that funding rates remain low and Binance market buy volumes are trending downward, not upward. 

This development marks a change from prior surges. It suggests that the market is rebounding without the kind of aggressive buying behavior that previously led to overbought conditions and subsequent corrections.

Since 2023, market buy volume has trended steadily upward, despite short-term dips. This ongoing accumulation points to sustained demand.

While some may see the drop in sharp buying activity as a lack of momentum, Avocado interprets the data as indicative of a less leveraged and more structurally sound rally. Sentiment has improved following the rebound, but funding rates and volume patterns imply that traders remain cautious.

This change in behavior from prior rallies may reduce the likelihood of sudden reversals. The absence of overheated conditions supports the view that the market is not currently overextended. 

Bitcoin-Gold Relationship Signals a Potential Continuation

Another analyst has tracked a recurring cyclical relationship between Bitcoin and gold spanning from mid-2024 to May 2025. A comparative chart highlights four distinct phases, during which gold rallies first, followed by Bitcoin. These phases—marked as “Gold Leads” and “Bitcoin Catches Up”—repeat throughout the observed period.

#Bitcoin and Gold keep moving higher in tandem.

Time for BTC to close the gap again – bring on $140,000. pic.twitter.com/E58y2PQBS0

— Jelle (@CryptoJelleNL) May 20, 2025

Currently, Bitcoin appears to be in another catch-up phase, trailing gold’s latest move. Historical behavior shows that when this cycle occurs, Bitcoin typically follows with a more aggressive rally. The chart uses shaded zones to illustrate the alternating leadership between the two assets, underscoring the consistency of this pattern.

As of May 2025, both assets continue to climb. This alignment suggests the existing cycle remains intact. The comparative price action hints that Bitcoin may still have room to close the gap with gold, surging to levels above $140,000.

At press time, Bitcoin trades at $105,106, reflecting a 1.9% gain over the past 24 hours, a 2.4% increase over seven days, and an 11.3% rise in the last 14 days.