Bitcoin price made a 5% move today, poking above $19,000 momentarily. It is currently the largest daily climb of 2023 and since the FTX collapse. More significantly, the sharp rally tagged a level that triggered a possible trend change according to the weekly Parabolic SAR. In the past, the technical indicator has lived up to its name. What could it mean this time? Bitcoin Makes Biggest Move Of 2023 The start of 2023 has been positive for altcoins. But up until today, Bitcoin has been mild by comparison. Following today’s CPI data release coming in at 6.5% and Biden’s victory lap on inflation, Bitcoin price soared by $1,000, taking the top cryptocurrency above $19,000 briefly. Related Reading: Bitcoin Price Prediction: What Elliott Wave Theory Suggests Is Next For BTC More importantly than what happened today, was what occurred on the weekly timeframe. BTCUSDT (Binance) weekly tagged the Parabolic SAR for the first time since May 2022. The LUNA collapse pulled Bitcoin and other cryptocurrencies lower, beginning the second, more aggressive phase of the recent downtrend. The same Parabolic SAR signal was also triggere ..
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