{"id":422954,"date":"2020-05-06T17:30:16","date_gmt":"2020-05-06T17:30:16","guid":{"rendered":"https:\/\/uniquehot.com\/?p=422954"},"modified":"2024-06-11T13:48:21","modified_gmt":"2024-06-11T13:48:21","slug":"bitcoin-on-the-cusp-of-going-parabolic-as-an-elusive-indicator-flashes","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-on-the-cusp-of-going-parabolic-as-an-elusive-indicator-flashes\/","title":{"rendered":"Bitcoin on the Cusp of Going Parabolic as an Elusive Indicator Flashes"},"content":{"rendered":"
Bitcoin has seen some notable upwards momentum today that has allowed the benchmark cryptocurrency to surmount the heavy resistance that it was previously facing at $9,200.<\/p>\n
Today\u2019s upwards breakout marks a bullish resolution to the extended bout of sideways trading that the crypto was previously facing while it hovered around $8,800 for the past several days.<\/p>\n
It now appears that its next upswing could just be getting started, as BTC has now broken above a previously formed descending trendline that had been guiding it lower.<\/p>\n
A popular technical indicator that has flashed before previous parabolic uptrends<\/a> also just emerged for the first time in over 300 days.<\/p>\n This could be a sign that a big upside movement is imminent.<\/p>\n At the time of writing, Bitcoin<\/a> is trading up just under 4% at its current price<\/a> of $9,240, marking a massive climb from daily lows of $8,700 that were set yesterday.<\/p>\n In the time following the benchmark cryptocurrency\u2019s firm rejection at $9,500 last week, BTC had been stuck below $9,000, with each visit up to the lower-$9,000 region being met with significant selling pressure.<\/p>\n The firm break above this level, however, has opened the gates for further upside.<\/p>\nBitcoin Flips Key Trendline as Bulls Shatter Previous Resistance at $9,200<\/strong><\/h2>\n