In the time after its recent dip to lows of $8,100, Bitcoin had been flashing signs of burgeoning technical strength.
From that moment, the digital coin has been able to incur a steady climb. It has since provided it the chance to conquer the $9,000 area once more.
BTC is now fast approaching an important trend-defining moving average that could have a major say in the direction of crypto-currency trends over the coming months.
One analyst suggests that a solid break above that point may be all that Bitcoin needs to rally to new post-2017 $14,000 highs. If this climb happens, it may mark the beginning of the next parabolic uptrend for the cryptocurrency.
Bitcoin Incurs Notable Momentum as It Approaches Upper Boundary of Channel
At the time of writing, Bitcoin traded at its current price of $9,060, just under 2%, marking a remarkable climb from the daily lows of just under $8,800 set yesterday.
The more recent digital coin price action has largely marked an extended consolidation period, as it is somewhere around $9,000. Today’s drive above this point does seem to mark this sideways trade with a bullish resolution, but it must continue to climb higher to be confirmed.
Some investors had previously speculated that because the hype surrounding this event has diminished, BTC would see a post-halving selloff.
However, this does not seem to be the case. The commonly debated “halving dip,” the step saw a few days ago when the cryptocurrency declined from $10,000 to lows of $9,100.
One possibility analysts are keeping an eye on in the near term is the popular crypto trading inside a wide downward path. This latest $10,000 fall represented a rejection at the upper boundary of the path.
BTC Could Go To $14,000
If this channel doesn’t spark a downtrend in the mid-term, Bitcoin may soon rally to new post-2017 highs.
A jump above the 50-day moving average of the cryptocurrency may cause this move, which sits just above its current price point.
Another respected analyst spoke in a recent tweet about this point, stating that a jump above this point will also help BTC break over a downward trendline that has been valued over the time following BTC’s $13,800 rejection seen last summer.