Bitcoin (BTC), which has recently been stuck in a certain area, has taken action again today. The leading cryptocurrency was trading at $ 10,685 at the time of writing. According to Coingecko data, the highest level of the crypto currency today was 10 thousand 730 dollars, while the lowest level was 10 thousand 265 dollars.
As it is known, BTC started badly this month and even saw below 10 thousand dollars several times. Moreover, many analysts stated that if the $ 10 thousand support level is lost, serious declines could occur. For this reason, fear prevailed in the cryptocurrency market in general. But BTC’s unexpected recovery move today has managed to sprinkle some water on investors’ hearts.
According to analysts, if BTC manages to gain strength above $ 10,700, it could exceed the $ 11,000 level. This can create an effect on the markets that will fix altcoins in place.
In addition, popular analyst Aayush Jindal stated in his analysis published in the morning that if BTC stays above the $ 10,500 level, it will rise. According to Jindal, the pair had to gain momentum above the $ 10,500 resistance in order to continue rising towards $ 11,000, which is now happening.
Bulls Target $ 11K
At the time of writing, Bitcoin has seen a 3% increase with its current price of 10,690. This marks a significant increase from the last $ 10,200 low in the last 24 hours. The rise seen by BTC and other major altcoins shows that the recent declines in the entire cryptocurrency market will create a long-term bottom.
The bulls fiercely defended BTC against a drop below the $ 9,900 to $ 10,000 zone over a two-week period, which is a sign of strength. The bulls are currently targeting $ 11K and the transition of this level from resistance to support could be a great development.
Still Facing Obstacles
Speaking about the short-term outlook of the cryptocurrency, Josh Rager stated that yesterday’s weekly candle close was quite positive. Rager also added that while showing a bullish trend, BTC still has a long way to go before it breaks its recent bear trend, and that can only be overridden if it exceeds $ 11,900. According to Rager, BTC is still facing hurdles.
Mr. Freeman used the following statements:
“My thought is still bearish, unless BTC has been able to close more than 11,250 volumes in a 4h period. Frankly, I am thinking of taking short positions like 10 thousand 850. Stop and 3 TP levels are as in the picture. Since the stop level is around 4%, I will do a risk management accordingly. “