- Bitcoin has seen some incredibly strong price action throughout the past few days
- Bulls have stepped up to the plate and propelled the crypto up towards its $11,000 resistance, marking a notable surge from recent lows of $9,900
- These lows were visited throughout the past couple of weeks, with bears ardently attempting to invalidate Bitcoin’s macro strength
- Their failure to do so has now opened that gates for further upside, with one analyst pointing to a few key reasons why he expects BTC to climb higher in the near-term
It has been a turbulent past few months for Bitcoin and the aggregated crypto market. Just over a week ago, bears attempted to invalidate BTC’s market structure when they pushed its price as low as $9,900.
This level held as strong support, but it ended up being visited on multiple occasions.
Eventually, bulls were able to regain control of its near-term price action, which is what has resulted in today’s strong upswing towards $11,000.
While speaking about this, one analyst explained that he is now looking towards three specific factors that all suggest this upwards move will extend even further.
The confluence of these factors does seem to place BTC in a strong position – both technically and fundamentally.
Bitcoin Shows Signs of Strength as Analysts Eye $11,000 Breakout
At the time of writing, Bitcoin is trading up just over 2% at its current price of $10,900. This marks a notable surge from recent lows of $10,200 that were set just two days ago.
Today’s upswing marks an extension of that seen yesterday, during which time its price rocketed up towards $10,600 before facing some selling pressure.
The ultimate break above this level is what helped catalyze today’s move.
Where it trends next now largely depends on the $11,000 region, as a strong rejection here could stunt its growth, whereas a break above this level could catapult it significantly higher.
Analyst: These Three Factors Bode Well for BTC
He concludes that these factors indicate that a surge past the $11,000 level is imminent in the near-term.
“1) Funding locked negative. 2) SPX above 3400 (it was a driving factor during down-move). 3) DEFI space in general doing well (1 YFI = 3.8 BTC). I think timing is off to rush bitcoin short positions for more than scalps, $11’250 area plausible in near future,” he said.
If these factors continue boding well for Bitcoin in the coming few days, they may be just what it needs to reclaim its position within the $11,000 region.
Featured image from Unsplash. Pricing data from TradingView.