We have all heard this saying before, often told to someone who is faced with a setback as words of encouragement. The idea behind the phrase is that simply pulling through an issue of any sort will make you come out of it better adapted on the other side. This saying in my experience is almost always true, so does it apply to Bitcoin and its current bear market?

As we enter Summer Bitcoin is once again in the Southern hemisphere and the middle of Winter opposite America and Europe. For as harsh and frigid as the temperature in the crypto space has been and is forecasted to be, Bitcoin is showing resilience by forming a base right where it did last Summer. Exactly one year ago today, Bitcoin was trading roughly $3,000 higher than it is today.

With the price of Bitcoin now hovering above $30,000 once again the coin that gave birth to a revolution is showing its staying power and ability to weather bear markets better than most cryptos out there.

Bitcoin re-affirms range

Bitcoin is now forming its ninth red weekly candle, having broken through key support levels of $44k last month and $37,500 in May, declining by $15,000 the last two months.

Last year May 19th was a terrible day for a Bitcoin bull like myself. I remember it well because that date is my birthday. I didn’t get what I wished for that year, but this year a continuation of the massive sell-off in the market is exactly what I am hoping for.

The Price of BTC moved back above the critical support level of $29,000 last Friday (May 13th) after dipping as low as $25,500 on the previous day. While BTC has yet to show signs that a recovery is on its way, the pause in the major selling pressure after an extended low seems to mirror the action seen exactly one year ago.

Traders should lower their protective stop to lock in order to lock in a greater profit.

In the last seven days Bitcoin has shed approximately 25% of value, if it fails to hold onto current support at roughly $29,000, Bitcoin could be in for an even worse week ahead.