RATE Group | This “Launchpad” Could Send Bitcoin on a Massive Parabolic Rally
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This “Launchpad” Could Send Bitcoin on a Massive Parabolic Rally

27 Jan This “Launchpad” Could Send Bitcoin on a Massive Parabolic Rally

Posted at 21:52h in Bitcoin News by

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Bitcoin has been able to incur some tempered gains today as buyers attempt to propel BTC back up to its local highs at $9,200. This momentum came about after a brief bout of intense selling pressure that led the crypto to as low as $8,200.

The strong bullish response to this level, coupled with an increasingly strong market structure, could signal that the 2020 rally is still in its early phases.

Further adding to this notion is the fact Bitcoin is currently sitting on a key technical level that could act as a “launching pad” for its near-term price action, potentially catalyzing the next major rally.

Bitcoin is Currently Sitting on a Launchpad; Time for Liftoff? 

At the time of writing, Bitcoin is trading up nearly 4% at its current price of $8,750, which marks a notable climb from daily lows of $8,400 that were set yesterday prior to kicking off the uptrend that has led it to its current price levels.

In the near-term, the key resistance levels that analysts are keen on seeing BTC…

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