Prepare for Fireworks if Bitcoin Closes Above this Critical Level

Bitcoin’s 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’s price action. 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.

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. 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.

One bullish factor that should be considered is the fact that Bitcoin’s Gaussian channel is firmly green now, which is a technical indicator that has predicted previous parabolic trends with great accuracy. Dave the Wave – a prominent crypto analyst who has accurately called multiple major movements – spoke about this indicator in a recent tweet, saying: “Buying when the weekly Gaussian has been red, or just after, has proven to be very fruitful.”