{"id":423251,"date":"2020-05-08T23:00:55","date_gmt":"2020-05-08T23:00:55","guid":{"rendered":"https:\/\/uniquehot.com\/?p=423251"},"modified":"2024-06-11T13:48:27","modified_gmt":"2024-06-11T13:48:27","slug":"bitcoin-poised-for-a-parabolic-push-to-20000-as-elusive-buy-signal-emerges","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-poised-for-a-parabolic-push-to-20000-as-elusive-buy-signal-emerges\/","title":{"rendered":"Bitcoin Poised for a Parabolic Push to $20,000 as Elusive Buy Signal Emerges"},"content":{"rendered":"
As Bitcoin begins consolidating around the $10,000 region, it now appears that the cryptocurrency is in the process of gearing up to make another massive push higher, potentially moving to set fresh yearly highs.<\/p>\n
This strong momentum has bolstered the benchmark cryptocurrency on multiple fronts.<\/p>\n
From a technical perspective, BTC has now surmounted several key trendlines that were previously hampering its price action. The crypto has also seen a massive climb in spot volume, with it now peaking over a level that signals a big movement is imminent.<\/p>\n
An elusive indicator<\/a> that flashed just prior to the massive parabolic bull run seen in late-2017 is also flashing \u2013 a sign that buyers are about to fuel a massive movement.<\/p>\n At the time of writing, Bitcoin<\/a> is trading up just over 3% at its current price of $9,970.<\/p>\n This marks a notable climb from recent lows of $9,000 that were set a couple of days ago just prior to the cryptocurrency\u2019s massive push towards $10,000 seen yesterday morning.<\/p>\n It now appears that the crypto is entering a short-term consolidation phase that comes as buyers attempt to garner greater support.<\/p>\n The lack of a rejection at Bitcoin\u2019s recent highs is certainly a positive sign for buyers, as it elucidates that this rally may be far more sustainable than those seen in prior months.<\/p>\n One possible factor that is playing in bulls\u2019 favor is that declining open interest on trading platforms like BitMEX signals that retail investors have been the ones driving this movement.<\/p>\n Bitcoin is now flashing signs that it is about to start another leg up.<\/p>\n A popular trader spoke about these signs in a recent tweet<\/a>, explaining that trading volume is peaking above a key trendline and that BTC just successfully flipped a previous resistance level to support.<\/p>\n \u201cPrice starting to break out, volume is just starting to peak above the trendline. Successfully retested old resistance, now confirmed support. Send it,\u201d he said while pointing to the chart seen below.<\/p><\/blockquote>\nBitcoin Pushes Past $10,000 as Underlying Strength Grows<\/strong>\u00a0<\/strong><\/h2>\n