Bitcoin from $ 12,400 to $ 9,900 It has shown some signs of intense strength over the past day, with the cryptocurrency compensating for some of the losses incurred as a result of its fall to a.
The bulls now seem to be aiming to rise to $ 11,000, which was previously strong as a support level during its decline.
If this level of resistance reverts back to support, it could create a strong foundation for the cryptocurrency to return and potentially allow BTC to regain its long-held position in the region above $ 11,000.
While talking about the short-term technical outlook of the comparative digital asset, one analyst observed that it is currently giving some signs that it is reversing the recent downtrend.
This suggests that it could be well positioned now to see significantly more rises in the near term and potentially rise towards the previous year's high or even in the past.
Bitcoin's Technical Outlook Grows Bright As Bulls Target $ 11,000
Bitcoin is trading approximately 4% at its current price of $ 10,710. This marks a major uptrend from the recent $ 10,200 lows set yesterday.
Now, it appears that the cryptocurrency may be on the top of seeing further upside in the near term, as this highest rise significantly supported the technical outlook.
An analyst looking at the asset's boom rally today registered $ 11,000 is a reasonable target.
It points to $ 11,100 as an important level that should break up in the short term.
"Bitcoin daily chart – 11,000 in sight as BTC is trying to break out of this trading range," he said, pointing to the chart shown below.
Image Courtesy of Cheds. Chart via TradingView.
Analyst: BTC's Market Structure Points To The Continuation Of The Uptrend
Another analyst echoed this thought, explanation Bitcoin's current market structure seems to indicate that significantly more bullish momentum may be near in the near term.
In particular, he notes that this momentum could be supported by BTC, which has seen "one of the most important support and resistance turns" over the years.
“Kick yourself into the first test of one of the most important support and resistance returns we've had in years if you're selling after a 20% retracement from highs. Context is everything, ”he explained.
Image Courtesy of Cantering Clark. Chart via TradingView.
How BTC and the collective market trend in the coming days should provide insight into the long-term significance of today's uptrend.
Featured image from Unsplash. Charts from TradingView.