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- Bitcoin’s price has seen a strong rebound from yesterday’s lows, with buyers ardently guarding against a dip into the sub-$11,000 region
- This has allowed the cryptocurrency to gain some slight momentum, although it remains down from its daily highs
- From a technical perspective, analysts are noting that Bitcoin is now at a “critical juncture” that will determine its near-term future
- One trader is setting his sights on a break above $11,800, explaining that sellers will be “put to sleep” once this level is shattered
Bitcoin and the entire crypto market have been able to recoup some of the losses that came about from the immense turbulence seen yesterday.
This turbulence sent Bitcoin flying as high as $11,600 before it lost its momentum and plunged to lows of $11,150.
The benchmark digital asset was able to find strong support at these lows, which helped slow its ascent and spark a consolidation phase that was ultimately followed by upside seen overnight.
Analysts are now noting that BTC is at a “critical juncture,” and where it goes from here may be dependent on whether or not buyers can catalyze a movement up to $11,800.
Bitcoin Reaches “Critical Juncture” Following Overnight Rebound
At the time of writing, Bitcoin is trading up just over 1% at its current price of $11,450. This is around the price at which it has been trading throughout the past few hours.
Analysts are noting that where the cryptocurrency trends in the coming few hours and days should offer significant insight into its mid-term trend.
One analyst is setting his sights on $11,800, noting that a break above this level will strike a major blow to sellers.
“Critical juncture here for BTC. Smash of 11.8k will put sellers to sleep.”
Image Courtesy of Mohit Sorout. Chart via TradingView.
BTC’s Market Structure Flashes Signs of Strength
Another factor that favors Bitcoin bulls is the high time frame strength of Bitcoin’s market structure.
One analyst pointed to this in a tweet, explaining that its ability to hold above its near-term support at $11,150 was a sign of underlying strength. He now expects it to see further upside.
“BTC / USD: Still no reason go panic, HTF still looking good for another leg upwards, if we do see support get taken out then $10,500 could be next, but until then we are good… The more we hold the more bullish I’m getting at this level.”
Image Courtesy of Cactus. Chart via TradingView.
As long as Bitcoin continues holding above the lower-$11,000 region, it may only be a matter of time before it rallies higher.
Featured image from Unsplash. Charts from TradingView.
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