• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Bitcoin on the Brink of Going Parabolic as Insanely Bullish Weekly Close Approaches

Cole Petersen by Cole Petersen
12 months ago
in Bitcoin, Cryptocurrency news
Reading Time: 2min read
Bitcoin BTC
Advertisement
Listen to Article

It has been a wild day for Bitcoin, with the cryptocurrency flying past the intense resistance it previously faced between $9,800 and $10,000, with its movement into the five-figure price region sending chills down the spines of BTC bears.

BTC is now fast approaching its weekly close, which will be a critical event that offers insight into the long-term significance of this movement, as a close above $10,000 will highly favor bulls.

Analysts are now noting that the cryptocurrency is on the cusp of entering its next parabolic cycle, which could suggest that it is about to see some major near-term gains.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Bitcoin Stabilizes Above $10,000 as Weekly Close Approaches 

At the time of writing, Bitcoin is trading up just under 3% at its current price of $10,100, which only marks a slight decline from its daily highs of $10,200.

Because the cryptocurrency has been able to maintain the gains it incurred yesterday evening, it does appear that this latest upwards movement is much more than another fleeting rally, as it suggests that bulls currently have some major underlying strength.

The key event that is currently looming on the horizon is Bitcoin’s weekly close, which is set to occur in just a few mere hours.

Teddy, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that on a macro timeframe, a weekly close above $10,000 would be highly bullish for Bitcoin.

“BTC: Weekly range: – Trading above the range resistance – Testing a higher high. On larger timeframes, a successful close here would confirm a change in trend,” he explained while pointing to the chart seen below.

https://twitter.com/TeddyCleps/status/1226476925469810689?s=20

BTC Is About to Enter Yet Another Parabolic Cycle 

A bullish weekly close could further validate the strong possibility that Bitcoin is about to enter its next major parabolic phase, as it does appear that BTC is currently reaching a critical level that has historically preceded parabolic rallies.

Mr. Anderson, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that BTC is being bolstered by a key multi-year trendline, and it is about to propel past a multi-month descending resistance.

“BTC: I love it when a good plan comes together. I had this one drawn out 6 months earlier. But, you can check the date on the Chart for when this became scenario ‘A’” he noted while referencing the key levels seen on the below chart.

$BTC

I love it when a Good Plan comes together

I had this one drawn out 6 months earlier. But, you can check the date on the Chart for when this became scenario "A"

However, there are no crystal balls. The key is to have pts of failure & tangent plans from your pts of failure pic.twitter.com/ULZv0uSr0s

— Mr. Anderson (@TrueCrypto28) February 9, 2020

The coming few hours will be critical for determining Bitcoin’s future trend, as it does appear that the upcoming weekly close could be one of the most important the crypto has seen in ages.

Featured image from Shutterstock.
Tags: bitcoinbtccrypto
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

btcu

The Brilliant Minds Behind the BTC Ultimatum Project, and Their New CEO, Eric Ma

15 hours ago
Can Blockchain Help Enterprises Navigate GDPR Headaches?

Can Blockchain Help Enterprises Navigate GDPR Headaches?

16 hours ago
altcoins bitcoin crypto alt season altcoin xrp ethereum ripple litecoin

Centralized Wealth: The Downside To Institutional Bitcoin Buying

1 day ago
Ethereum

Ethereum Rallies Towards All-Time Highs as BTC Stalls; What Analysts are Saying

2 days ago
etoro

eToro Nudges Investors Towards Crypto Trading as They Consider Portfolio Diversification

2 days ago
5 Projects Bringing Institutional-Grade Products to Crypto

5 Projects Bringing Institutional-Grade Products to Crypto

3 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Bit.com To Launch Industry’s First BCH Options

January 20, 2021

NOWPayments Presents: Fiat Conversion

January 20, 2021

The Foundation for Economic Education Announces Two Major Gifts from Bitcoin.com Founder Roger Ver

January 19, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.