Analysts are now noting that this latest movement seems to one again mark a bullish shift in BTC’s market structure, as it was able to push above a key level.
The coming several hours will be imperative for understanding Bitcoin’s near-term trend, as how it closes its weekly candle should provide significant insight into where BTC and the aggregated crypto market will trend in the weeks ahead.
Bitcoin Incurs Overnight Momentum but Struggles to Break $10,000
Last night’s surge led Bitcoin has high as $10,050 before it found some intense resistance that halted the rally and led it to retrace down to the $9,800 region.
At the time of writing, Bitcoin is trading up 2% at its current price of $9,830, which marks a notable climb from daily lows of $9,600 and only a slight retrace from highs of just above $10,000.
In the near-term, analysts are noting that the cryptocurrency could once again grow to be incredibly bullish if it is able to close its weekly candle above a key long-term range that it was previously caught within.
Teddy, a prominent cryptocurrency analyst on Twitter, spoke about this in a recent tweet, noting that the crypto is currently trading above multiple key levels.
“BTC: Emotions and bias aside – price structure is bullish above the weekly range. Price is above: 1. 200 day range 2. Previous weekly high 3. Previous resistance now (testing as) support. Wicks below are to shake you out,” he explained.
#BITCOIN | $BTC
Emotions and bias aside – price structure is bullish 𝗮𝗯𝗼𝘃𝗲 the weekly range.
Price is above:
1. 200 day range2. Previous weekly high3. Previous resistance now (testing as) support
__
Wicks below are to shake you out 
pic.twitter.com/0BwfAKxL74
— TEDDY (₿) (@TeddyCleps) February 23, 2020
BTC May Be Gearing Up for Another Parabolic Uptrend
It is important to keep in mind that yesterday’s rally also led the crypto to break above a descending channel it was previously caught within, which suggests that the crypto could soon see another parabolic movement.
Teddy also spoke about this in a recent tweet, pointing to a chart showing that striking similarities between today’s uptrend and those seen prior to other parabolic movements in previous weeks.
“1. Rising wedge 2. Break support 3. Retest previous resistance as support 4. Bounce,” he noted.
#BITCOIN | $BTC
1. Rising wedge2. Break support3. Retest previous resistance as support4. Bounce
1. Rising wedge2. Break support3. Retest previous resistance as support4. Bounce
___
𝗜𝘀 𝗶𝘁 𝗴𝗼𝗶𝗻𝗴 𝗳𝗼𝗿 𝗮 𝘁𝗵𝗶𝗿𝗱 𝗿𝗼𝘂𝗻𝗱? 
pic.twitter.com/zDCPnuwyBu
— TEDDY (₿) (@TeddyCleps) February 23, 2020
The coming several hours should provide investors with greater insight into the strength of the cryptocurrency’s uptrend, as a bullish weekly close could provide significant momentum in the week ahead.
Featured image from Shutterstock.