After facing some intense rejection in yesterday’s trading, BTC bulls have catalyzed some momentum today.
The top crypto is currently seeing some upside as it gained support at the $11,100 level to erase the losses witnessed during yesterday’s dip.
That dip took BTC from highs of $11.6K to lows of $11,150 amid some intense turbulence in the market and a Fed-induced selloff.
A similar correction occurred three days ago when BTC dropped from highs of nearly $12K and finally bottomed at $11,100 before seeing an uptick.
Yet again, the $11,100 zone has today been confirmed as strong support for the BTCUSD pair due to bulls zealously guarding against a break below this level.
The world’s largest crypto is up by 2% in the last 24 hours to trade at $11,457 during press time.
BTC’s High Time Frame Outlook is Strong
The strong support mentioned above is proving to be very important as it was tested on several occasions in the past.
And now, analyst Teddy Cleps sees the defense of this level as a bull-favoring sign, tweeting that bulls look determined not to close below $11,100.
Another BTC enthusiast, “The Crypto Cactus,” also asserted that the lower-$11K zone’s continued defense demonstrates that BTC’s high time frame (HTF) outlook is incredibly strong.
Pointing to his chart below, he commented:
“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.”
BTC Price Could Rocket Toward $15K
BTC is currently holding above important weekly support, sparking a lot of optimism about its imminent price action.
Besides the two analysts mentioned above who see bullish signs in the asset’s market structure, another analyst believes that the next leg could “overshoot” most conservative targets if it manages to break above $12K.