Bitcoin had a strong weekly close yesterday afternoon, which allowed the cryptocurrency to see an overnight rise that caused it to cross multiple significant levels.
Talking about the digital asset's price action, one analyst observed that its strong weekly close could continue to act as a launch pad for further bulls, noting that the bulls were able to maintain a significant support level for two consecutive weeks.
The more contribution to the fire that raises BTC today is the force seen in the stock market. BTC once again grew in relation to the global markets and took a good look for the short-term outlook of today's rise.
While talking about where the cryptocurrency is looking forward to its next trend, an analyst explained that he is closely watching how it will react to $ 11,900 in the future, as its failure to cross this level could be a sign of weakness.
However, there is an inversion here and the crypto could be positioned to see significantly higher peaks – he said.
Bitcoin Sees Power As Bulls Target $ 11,000
At the time of writing, Bitcoin is trading just above 3% with its current price of $ 10,670, which is the last $ 10,200 seen this time yesterday. marks a significant increase from its low level.
The strength expressed by BTC and other major altcoins suggests that the recent declines seen by the crypto will form a long-term bottom.
The Bulls fiercely defended the drop below a region of $ 9,900 to $ 10,000 over a two-week period, which is a sign of strength.
They are currently targeting $ 11,000, and the transition of this level from resistance to support could be an incredibly positive technical development for the benchmark digital asset.
Analyst: BTC Shows a Weekly Closing, But Still Facing Obstacles
Talking about the short-term outlook of cryptocurrency, an analyst observed The weekly candlestick close yesterday was very positive.
He also added that while showing a bullish trend, BTC still has a long way to go before breaking the recent bear trend and can only be overridden if it exceeds $ 11,900.
"BTC Weekly Close: Bitcoin closed above $ 10,173 at $ 9940 and held for the second week in a row. I would like to see Bitcoin take back $ 11,900 and go up. Until then I remain neutral (showing a bullish trend ) and I will continue to trade altcoins right now ”.
Image Courtesy of Josh Rager. Chart via TradingView.
The stock market's price action will likely have some impact on Bitcoin in the near term, making further stability vital to BTC's medium-term outlook.
Featured image from Unsplash. Charts from TradingView.