Bitcoin has sustained its bounce off of 3-month lows, blowing through $9,000 in early trading on Wednesday following news confirming that the South Korean government is not considering a ban on the highly volatile asset class.

CoinMarketCap

Zooming out on the bitcoin chart indicates that the monthly candle has nearly confirmed a reversal, traditionally an indication that a relative bottom is in. According to the popular Twitter account, @parabolictrav, bitcoin tends to move in a parabolic manner following relative bottoms, pointing to an upcoming bull run through previous all-time highs. 

It will be interesting to see if bitcoin can hold $9,000 through the weekend.

More: “It’s Millennial Gold” – Selloff Hasn’t Shaken True Believers’ Faith In Bitcoin
Similar: Bitcoin Posts Biggest Surge in Weeks
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