Bitcoin is currently flashing some signs of strength as it continues consolidating within the lower-$11,000 region.
Overnight, bears attempted to push the digital asset below $11,000, but this dip was met with significant buying pressure that subsequently allowed it to climb higher.
Analysts are widely noting that the resistance found within the mid-$11,000 region remains a crucial hurdle that the cryptocurrency may continue struggling to surmount.
Because BTC is consolidating above its support throughout the upper-$10,000 region, it does seem as though it may be well-positioned to push higher in the near-term.
Its declining volatility also indicates that it may once again be coiling up before it makes a big movement.
One indicator that just flashed is offering bulls with an incredibly positive sign for BTC’s near-term outlook.
This indicator has only flashed twice in the past few years – once before the 2017 bull run and once before that seen in 2019.
Bitcoin is Coiling Up for Another