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.
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%.
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.
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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