Bitcoin is showing some intense signs of strength today, with the cryptocurrency’s price rallying towards its recent highs of $10,500 while the aggregated market also sees some strong momentum.
Because BTC has yet to break above $10,500, its near-term outlook still remains somewhat unclear.
However, a continuous show of strength could be enough to boost it higher, with a firm break above this level potentially sending it rocketing significantly higher in the days and weeks ahead.
Ethereum’s ongoing break above $380 may also create a tailwind that helps lift the entire market higher in the near-term.
One analyst is noting that this latest swing higher came about after Bitcoin reclaimed a key technical support level. This may continue bolstering its price action.
Another analyst is observing that while the number of long positions on platforms like OKEx is declining, the platform’s top traders are rapidly moving to gain long exposure.
This shows that more savvy traders are beginning to