Today has been a great day for Bitcoin (BTC) bulls, as the cryptocurrency has been able to post a massive surge over the past couple of hours, blowing past its previous resistance levels and potentially confirming an incredibly bullish technical formation.<\/p>\n
This surge has led some analysts to believe that the cryptocurrency could be on the brink of going parabolic, but it must first break above a few key levels.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up over 4% at its current price<\/a> of $7,750, which marks a massive climb from its daily lows of $7,400 that were set around this time yesterday when bears attempted to spark a sharp sell off.<\/p>\n Today\u2019s surge marks a large extension of the momentum that was first established last week when BTC surged from lows of $6,400, and the fact that the slow and steady uptrend \u2013 which is now reaching a boiling point \u2013 has been sustained by buyers over an extended period of time is a bullish sign.<\/p>\n It now appears that Bitcoin<\/a> is in the process of validating the highly bullish inverse head and shoulders pattern that it has been forming, which could mean that the crypto\u2019s recent lows will mark a long-term bottom.<\/p>\n \u201c$BTC #Bitcoin currently breaking neckline of inverted head and shoulders reversal,\u201d Big Cheds, a popular crypto analyst on Twitter, explained in a recent tweet.<\/p><\/blockquote>\n $BTC<\/a> #Bitcoin<\/a> currently breaking neckline of inverted head and shoulders reversal https:\/\/t.co\/JjIfDHwzIj<\/a><\/p>\n — Cheds (Trading Quotes) (@BigCheds) January 6, 2020<\/a><\/p><\/blockquote>\n\n