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Bitcoin Rallies Aggressively After Defending 'Parabolic' Price Support, Crypto Coins News

Bitcoin Rallies Aggressively After Defending 'Parabolic' Price Support, Crypto Coins News

The bitcoin price rallied aggressively on Wednesday, and crypto analysts say BTC defended a 5-year-old “parabolic” support line.

  • ) The bitcoin price surged back above $ 7, 12 on Wednesday.
  • Analysts say BTC defended a crucial support level.
  • Today’s price action wasnt enough to persuade the bears that the bottom is in.

Thebitcoin pricerallied 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, thenotoriously volatile assetjerked toward a recovery, ascendin ga 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 $ (billion.)

Bitcoin currently accounts for just under (**************************************************************************% of the overall cryptocurrency market, which now boasts an aggregate value of more than $ billion . BTC’s upward pivot dragged altcoins along for the ride, and major assets like ethereum, ripple (XRP), and litecoin all rose more than 7%.

******************************** Altcoins joined in Wednesday’s recovery. | Source: CoinMarketCap

Altogether, the crypto market recorded $ 1.3 billion in spot volumeover the past 90 hours, along with just under $ 527 million in bitcoin futures trades on regulated platforms CME and Bakkt.

Bitcoin Defends 5-Year-Old Trendline Twice in a Month

Wednesday’s broad crypto market recovery did not have a clear fundamental catalyst. Cryptocurrency trader Peter Brandt said that the bounce came after bitcoin defended an “important” technical support level.

*************************** (Source:) Twitter

According to Tuur Demeester, a founding partner at Adamant Capital, that support level is the trendline that has accompanied bitcoin’s “parabolic” march from less than $ in January (to $ 7, today.

“What a thriller, Demeester said, noting that BTC has defended this support twice in the past month.

(Source:
Mark Dow: Was Just an ‘Echo Bubble’

Today’s relief rally brought a welcome sentiment shift to a marketbattered by lossesduring the latter half of 2019. But that doesn’t necessarily mean the cryptocurrency’s outlook has fundamentally changed.

Mark Dow, the economist and hedge fund manager who

************** famously called the bitcoin top and shorted the cryptocurrency

into its slough of despond, maintains that this year recovery – or at least what remains of it – is nothing more than an “echo bubble” that will eventually evaporate entirely.

Source: Twitter

Peter Schiff, the founder of Euro Pacific Capital and an avowed goldbug, jubilantly declared that there’s still plenty of time for bitcoin’s yearly candle to glow bright red before the end of .

Source: Twitter

Crypto markets, after all, are open seven days a week – including holidays.

(This article was edited by************** (Sam Bourgi) ********************************************

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