Bitcoin is currently flashing some notable signs of strength following the bout of weakness seen throughout the past couple of weeks.
The cryptocurrency is far outperforming the altcoin market, with both major altcoins like Ethereum and Chainlink – as well as smaller ones – all flashing signs of immense weakness throughout the past several days and weeks.
BTC’s upswing amidst a turbulent and bloody market is the ultimate show of strength, indicating that investors still view it as the most reliable and safe digital asset during times of uncertainty within the nascent market.
One analyst observed that this recent upswing came about shortly after an incredibly strong daily close posted by the crypto yesterday.
He notes that while the bearish momentum that was previously guiding it lower has grinded to a halt, and the benchmark cryptocurrency is now testing the neckline of a prior head and shoulders pattern.
Whether or not Bitcoin is able to break above $11,000 should