- Bitcoin surges by 10 percent from its lows two weeks ago
- Bitcoin faces a major hurdle point on the upside
- The near term of BTC is bearish, but the mid-term and long-term look good
Bitcoin News Today – The price of Bitcoin (BTC) is up by more than 10 percent from the lows set two weeks ago around the $9,800 mark. Nevertheless, the digital currency still has an important level to break over to confirm that the full-blown bullish reversal is in the works.
BTC Needs to Break over $11,100 to Confirm Upside Move
According to the founder of Yellow Block and a crypto analyst – Edward “Teddy” Cleps – the benchmark digital currency need to break over the $11,100 mark to confirm that the ongoing correction is a bullish reversal. The crypto analyst also shared a chart, stating how crucial the $11,100 mark is to Bitcoin over the past couple of weeks.
During the consolidation between $11k and $12k last month, Bitcoin bounced several times at the $11k support level. Bitcoin managing to confirm that level as support would possibly trigger a move towards $12k. Throwing more light about the importance of that level, Cleps said:
“Trend is bullish as long as it is above the purple box – this dump could be seen as a ‘higher low’. However, Lambo season is above that line – let’s break it please.”
Bitcoin (BTC) Price Today – BTC / USD
Many analysts have also confirmed the significance of the hurdles in $11k to $11,200 to the mid-term bull case of Bitcoin. Another digital currency analyst, pointing to a new chart, said the following about the importance of that territory:
“Target / Major resistance finally hit, if you worried about price dropping from here and using leverage then close out your position and wait for this level to be flipped support… $11,200 is a key HTF level for flipping it will not be easy.”
Bitcoin Is Still Bullish on the Long-Term
The long-term outlook of Bitcoin (BTC) is still in a positive state regardless of the poor price performance and weakness of the digital currency in the near term, according to on-chain analysts. Willy Woo recently said that the macro Difficulty Ribbon metric of Bitcoin is presently in a period of compression, which is a reliable indicator of bullishness.
Zooming out to the mid macro (months ahead), we are in a really nice zone of Difficulty Ribbon compression, post halvening (red verticals), this is quite a reliable indicator of bullishness.
He also said that there are other trends, such a spike in on-chain Bitcoin moved, that suggest long-term upside is likely. At press time, Bitcoin just broke below the $11k mark, trading slightly over the $10,900 mark. Ethereum, on the other hand, is struggling to break over the $400 mark, with Chainlink being the top loser among the top ten cryptos.