Bitcoin\u2019s firm 2020 uptrend has shown no signs of ending anytime soon, and bulls now appear to be pushing the cryptocurrency above the upper boundary of a long-established trading range that was previously suppressing BTC\u2019s price action.<\/p>\n
It is important to note that how BTC responds to this key level in the coming several hours will offer unparalleled insights into where the aggregated markets are heading next, as a daily close above this level could invalidate all of its current bearishness.<\/p>\n
If the cryptocurrency is rejected at this level, however, it is possible that it will continue dropping until it reaches the lower boundary of this wide range at roughly $7,500.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up just under 3% at its current price<\/a> of $9,780, which marks a notable climb from daily lows of $9,300 that were set just prior to yesterday\u2019s rally.<\/p>\n The cryptocurrency\u2019s ability to continue grinding higher despite the massive amount of resistance that exists around these current price levels is a bull-favoring sign.<\/p>\n It does currently look as though bulls are vying to push the cryptocurrency up towards $10,000, but it remains unclear as to just how strong the selling pressure at this level will be.<\/p>\n One bullish factor that should be considered is the fact that Bitcoin\u2019s Gaussian channel is firmly green now, which is a technical indicator that has predicted previous parabolic trends with great accuracy.<\/p>\n Dave the Wave \u2013 a prominent crypto analyst who has accurately called multiple major movements \u2013 spoke about this indicator in a recent tweet, saying:<\/p>\n \u201cBuying when the weekly Gaussian has been red, or just after, has proven to be very fruitful.\u201d<\/p><\/blockquote>\n Buying when the weekly Gaussian has been red, or just after, has proven to be very fruitful. pic.twitter.com\/yhi35HQtDR<\/a><\/p>\n — dave the wave\ud83c\udf0a\ud83c\udf13 (@davthewave) February 6, 2020<\/a><\/p><\/blockquote>\n\n