- Bitcoin saw a notable influx of buying pressure yesterday that helped send its price rocketing towards $11,000
- The strength of this movement was notable, and BTC has yet to surrender any of its recent gains to sellers
- Despite the technical strength currently being expressed by Bitcoin, it is imperative to note that it remains caught within its mid-term range
- This trading range has been formed between $10,200 and $11,200
- One analyst is now noting that yesterday’s weekly candle close was tremendously bullish and that a move into the $11,000 region is imminent
Bitcoin and the entire crypto market have been able to move higher throughout the past 12 hours.
This slight upsurge came about in the minutes following Bitcoin’s weekly candle close, which was relatively strong and set the stage for this upwards momentum.
Where BTC trends in the mid-term, however, has yet to be decided, as the cryptocurrency has not tested its key $11,200 resistance level that preciously has catalyzed multiple strong rejections.
One analyst isn’t too concerned with this possibility, as he notes that a strong move past $11,000 is imminent.
Bitcoin Shows Signs of Strength Following Weekly Close
At the time of writing, Bitcoin is trading up just over 1% at its current price of $10,900. This is around the price at which it has been consolidating at following yesterday’s weekly candle close.
Bulls have made two unsuccessful bids at breaking $11,000, but the resistance here has not been enough to spark any notable selloffs.
Where the market trends next may largely hinge on its reaction to a potentially imminent test of $11,200. If this level is broken above, further upside is likely to be imminent.
Why One Analyst Claims BTC is Poised to Rally Far Past $11,000
Analysts are growing increasingly bullish on Bitcoin following this latest weekly close as well, with one trader explaining that he is expecting further upside.
He notes that the recent pullback was nothing more than a typical short-term downtrend that is often seen within macro bull trends, and that he now expects BTC to continue its upwards expansion.
He is targeting the $11,000 region next.
“BTC Weekly close looks good and don’t know why people continue to be overly bearish. Bitcoin got a short term pullback and -20% is nothing unusual. Bitcoin continues to uptrend and for the third week in a row has closed above the support zone of $9900 to $10,175. $11ks next.”
Image Courtesy of Josh Rager. Chart via TradingView.
Bitcoin is firmly guiding the entire market now, so where it trends next will have serious implications for other digital assets.
Featured image from Unsplash. Chart via TradingView.