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Bitcoin is currently caught within a slight uptrend, as the benchmark cryptocurrency is pushing up towards $10,400 as sellers begin losing their edge over bulls.
Today’s upswing comes after multiple tests of its key support between $9,900 and $10,000.
The strength of the buying pressure within this level should not be underestimated, as bears were unable to break it despite making several attempts to do so.
One analyst is now noting that strength in BTC’s high time frame market structure seems to indicate that a move up towards $11,000 could be imminent in the near-term.
Bitcoin Climbs to $10,400 as Technical Strength Grows
At the time of writing, Bitcoin is trading up just under 2% at its current price of $10,380. This marks a notable rise from recent lows of $9,900 that were set and visited on multiple occasions throughout the past week.
Because bears did not have enough strength to shatter this price region, it appears that bulls now have the upper hand.
Where it trends in the near-term may depend largely on its reaction to $10,400, as this region appears to hold some slight selling pressure.
As long as it can firmly surmount this level, it may soon see further upside.
Analyst: BTC Poised to Move Towards $11,000 as Selling Pressure Ramps Up
He specifically notes that a move towards $11,000 may ensue as its market structure grows healthy.
“BTC HTF Update: Weekly timeframe looking pretty good here, happy to have bought a position on the initial wick into strong support, thinking price could easily start to run towards $11,000. HTF bulls keep charting look healthy for now,” he said.
Image Courtesy of Cactus. Chart via TradingView.
Bitcoin is firmly guiding the entire market at the present moment. As such, the sustainability of this ongoing upswing will likely have far-reaching implications for other digital assets.
Featured image from Unsplash. Charts from TradingView.