RATE Group | Bitcoin Rallies Aggressively After Defending ‘Parabolic’ Price Support
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Bitcoin Rallies Aggressively After Defending ‘Parabolic’ Price Support

19 Dec Bitcoin Rallies Aggressively After Defending ‘Parabolic’ Price Support

Posted at 02:23h in Cryptocurrency News by

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  • The bitcoin price surged back above $7,000 on Wednesday.
  • Analysts say BTC defended a crucial support level.
  • Today’s price action wasn’t enough to persuade the bears that the bottom is in.

The bitcoin price rallied aggressively on Wednesday after the beleaguered cryptocurrency defended a vital support level that has fortified its nearly five-year-old “parabolic” uptrend.

Bitcoin Bounces Off ‘Parabolic’ Support

Just hours after careening to seven-month lows below $6,500, the notoriously volatile asset jerked toward a recovery, ascending a wall of sell orders in near-instantaneous fashion.

The bitcoin price bounces off a seven-month low to retake the $7,000 level. | Source: TradingView

According to price data from cryptocurrency exchange Bitstamp, bitcoin last traded at $7,160 for a daily gain of 8.3%. That empowered BTC’s market cap to recover above $130 billion.

Bitcoin currently accounts for just under 68% of the overall cryptocurrency market, which now boasts an…

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