The last 48 hours have seen Bitcoin climb back above $10,000. The move has seen bullish sentiments grow among investors in what was a concerning situation below $10K. To solidify its position above $10K, Bitcoin has managed to extend gains above $10,500.
Unfortunately, this comes after a failed break above $10,700. And this precisely poses a threat to the recent bullish move. By failing to complete the recent bullish move by climbing above $11K, the asset has failed to confirm the return of a long term bullish trend.
At the time of press, Bitcoin is exchanging for $10,461. Prices have settled around this position after a sharp rebound at the start of the week that saw Bitcoin surge by more than 7% overnight.
This sharp rebound saw the asset climb above the $10,000 psychological position and fundamentals go back to recent highs. Market dominance, for example, has gone back above 70% and at the time of press stands at 70.5%.
The reason for the surge remains indefinite but as we have been reporting, there are a couple of reasons that could be boosting the asset. For many investors, this is not as important as knowing if Bitcoin will continue in the same bullish trend.
The $11K Position Is Key To Confirm Long-term Bullish Trend
The rebound has rightfully positioned Bitcoin in a good region to rally and hit year highs. However, this needs to be supported by another jump above $11K. This is the next key target for the bulls and a crucial one as it will support a long term bullish sentiment.
It will also be important to remain above $10,500 as the $10K region has proven too volatile with prices dipping below it every time it has been tested.
Bitcoin would appear to have reached a pivotal moment in which the resilience of the bulls will dictate the next move. If the bulls can pull out one more spectacular move and put prices above $11K, Bitcoin will have entered into a long term bullish outlook. But if the bulls give up and relent in the pressure, the bears could pull prices back to the $10K support.