Bitcoin’s bulls are flexing their strength today, pushing the benchmark digital asset towards $11,000 as they attempt to reverse the recent downtrend that it has been caught within.
There’s no doubt that today’s move – coupled with that seen yesterday – is positive for the crypto’s near-term outlook, but it is important to keep in mind that BTC has yet to break above its key $11,000 resistance.
This price region was previously strong support, and a failure for it to be decisively reclaimed could prove to be dire for the cryptocurrency.
One analyst observed that BTC is also currently trading below a key technical resistance level, with its reaction to this level likely offering some insights into its near-term trend.
While a rejection here would be grim, a break above it could catalyze an explosive move higher.
There are also some fundamental factors working in the benchmark digital asset’s favor, including the fact that there are currently more people