Bitcoin has flashed some signs of intense strength throughout the past day, with the cryptocurrency recouping some of the losses that came about as a result of its decline from $12,400 to lows of $9,900.
Bulls now appear to be aiming for a move up towards $11,000, which previously held strong as a level of support during its descent.
If this resistance level is flipped back into support, it could provide a strong base for the cryptocurrency to rebound off of, potentially allowing BTC to reclaim its long-held position within the upper-$11,000 region.
While speaking about the benchmark digital asset’s near-term technical outlook, one analyst observed that it is currently flashing some signs of reversing its recent downtrend.
This indicates that it may now be well-positioned to see significantly further upside in the near-term, potentially rallying back up towards, or even past, its previous yearly highs.
Bitcoin’s Technical Outlook Grows Bright as Bulls Take Aim at $11,000