Bitcoin’s fundamental strength has been growing in recent weeks, which is starting to be reflected in its price action.
After an extended bout of technical weakness as BTC traded within the lower-$10,000 region, the digital asset’s buyers finally stepped up. They catalyzed a sharp upwards move, which subsequently allowed its price to climb up towards $11,000.
Today’s strong upswing bolstered its technical outlook and has led analysts to set their sights on a movement towards $11,000 in the near-term.
It also appears that this technical strength is being perpetuated by fundamental strength expressed by the crypto in recent weeks.
One analytics firm observed that activity surrounding the cryptocurrency’s wallet count seems to indicate that BTC may be in the process of conducting a trend reversal.
This sign of a trend-reversal comes as analysts flip bullish on the crypto, noting that it may be well-positioned to see significantly further upside in the days ahead.
Bitcoin’s Technical Strength Grows as Analysts