Bitcoin Stalls At $10,400 With A Move Above $11K Needed To Confirm Bullish Revival

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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.

Bitcoin Stalls At $10,400 With A Move Above $11K Needed To Confirm Bullish Revival
Bitcoin Chart By CoinGecko

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.

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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.