RATE Group | Bitcoin is On the Brink of Going Parabolic; Here’s the Levels to Watch
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Bitcoin is On the Brink of Going Parabolic; Here’s the Levels to Watch

07 Jan Bitcoin is On the Brink of Going Parabolic; Here’s the Levels to Watch

Posted at 03:32h in Cryptocurrency News by

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Today has been a great day for Bitcoin (BTC) bulls, as the cryptocurrency has been able to post a massive surge over the past couple of hours, blowing past its previous resistance levels and potentially confirming an incredibly bullish technical formation.

This surge has led some analysts to believe that the cryptocurrency could be on the brink of going parabolic, but it must first break above a few key levels.

Bitcoin Blasts Past Resistance Around $7,500 as Bulls Roar

At the time of writing, Bitcoin is trading up over 4% at its current price of $7,750, which marks a massive climb from its daily lows of $7,400 that were set around this time yesterday when bears attempted to spark a sharp sell off.

Today’s surge marks a large extension of the momentum that was first established last week when BTC surged from lows of $6,400, and the fact that the slow and steady uptrend – which is now reaching a boiling point – has been sustained by buyers over an extended period of time is a…

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