- Bitcoin breaks the $7,500 resistance to test a new yearly high
- Bitcoin encounters new hurdle at the $8,000 level
- BTC needs to break over $9k and $10 to start a parabolic trend
Bitcoin News Today – The bulls are presently establishing their presence in the market. Bitcoin (BTC) and the majority of coins in the market have been trading in the green for about four to five days in a row. The world’s most dominant digital currency has amassed a considerable level of gain over the past few hours, and it just broke over its previous resistance levels. The digital currency is presently confirming an incredibly bullish technical formation.
This massive increase in the price of Bitcoin (BTC) has led some analysts to believe that the digital currency could be on the verge of going parabolic, but it still has some key hurdles it needs to break first.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin Breaks the $7,500 Resistance
At the time of writing, the price of Bitcoin (BTC) is up by more than 5 percent, leaving BTC to USD at $7,903. This marks a considerable increase from its daily low of $7,400 that was set by this time yesterday when the bears tried to ignite a sharp selloff. This is even the highest level the digital currency has tested this year. The massive surge today marks a huge extension of the momentum that was initially established last week when the digital currency plunged to a low of $6,400.
It now seems that the digital currency is in the process of validating the highly bullish inverse shoulders and head pattern that has been forming; this could mean that the recent low of the digital currency will mark a long-term bottom.
In a recent tweet, a popular digital currency analyst on Twitter – Big Cheds – said, “Bitcoin is currently breaking the neckline of inverted head and shoulders reversal.”
— Big Cheds (@BigCheds) January 6, 2020
For the confirmation of this pattern, it is important that the digital currency continues to hold over the neckline around the $7,700 and $7,800 mark for the coming few hours, as a rejection around the $8k level could push the price of the digital currency lower.
Bitcoin is on the Brink of Going Parabolic
Bitcoin (BTC) could be on the brink of a parabolic run. However, the digital currency first needs to break over the key hurdle points that exist at $9k and $10k. Another digital currency analyst on Twitter, CryptoBirb – talked about this in a tweet. The analyst told his followers that Bitcoin is getting interesting from a bullish perspective while referencing some hurdle points.
If bulls are no longer able to continue the upward trend in the short-term and the digital currency faces rejection around its current price levels, it could signal the kaput of the bullish inverse head and shoulders pattern.