Some power signs are blinking as Bitcoin is currently consolidating in the region below $ 11,000.
At night, the bears tried to push the digital asset below $ 11,000, but this drop was met with a significant purchase pressure that allowed it to climb higher later.
Analysts have widely stated that the resistance at around $ 11,000 remains a major obstacle that the cryptocurrency can continue to struggle to overcome.
BTC seems to be well positioned to reach higher levels in the near term, as it has merged above its support in the region above $ 10,000.
Its reduced volatility also shows that it can fill up once again before making a big move.
Just a flashing indicator is to offer incredibly positive-marked bulls for the near-term view of BTC.
This indicator just flashed twice in the past few years – before the 2017 bull run and before it was seen in 2019. Bitcoin Takes Another Major Action as a Volatility Dive
At the time of writing, Bitcoin is trading just above 1% at its current price of $ 11,250. This marks a remarkable increase in the daily low of $ 10,800, set yesterday.
The slight uptrend seen today approached the heels of those seen by Ethereum. If ETH continues to show $ 350 worth of driving force against key resistance, it can continue to provide a tail wind that raises BTC even further.
It is important to remember that despite these tempered signs of strength, Bitcoin remains in a consolidation phase between about $ 10,800 and $ 11,300.
This caused her volatility to dive once again – an analyst observed on Twitter one last tweet .
“It is interesting how quickly they crush the BTC volume; The 1-month ATM has already returned to levels two weeks ago. " Image Courtesy of Alex Krüger. This Indicator Suggests that BTC is About to Enter the Bull Run
A popular cryptocurrency trader announced in a tweet that a difficult indicator that predicted previous bull markets is now flashing again.
This indicator appeared just before Bitcoin reached nearly $ 20,000 at the end of 2017. Also, benchmark cryptocurrency is $ 14,000 from low levels below $ 4,000. It has passed before he went on.
Merchant explained :
“The super trend turned green weekly. Probably not important. It's not like this indicator points to large macro bull and bear cycles in the past. " Image Courtesy of Byzantine General. Chart via TradingView.
Bitcoin's current strength may be sufficient to make it significantly higher in the coming days and weeks. Featured image from Unsplash. Charts from TradingView....