Bitcoin was rejected yesterday in the low-$11,000s and corrected towards the $10,900 level of support. Since then, the BTC price has managed to be in a positive zone above the $10,750 support level. The BTCUSD pair is trading at $10,880 during press time. The next significant resistance is near the $10,980 and $11,000 zones.
There seems to be a key bullish trend line forming with support near $10,880. As long as the BTC price follows this trend line, there is a high possibility that it will break above $11,000 for the second time this week.
BTCUSD Chart by Tradingview
Technical Indicators Point to a BTC Price Uptick
BTC trader Byzantine General shared the chart below from WhaleMap, showing a bullish on-chain indicator.
BTC price chart with MPL indicator by Byzantine General | Source WhaleMap
The MPL indicator tracks the profitability and losses of active investors in the crypto market. When the green line is at high levels, the indicator suggests that most investors are making profits and are thus likely to sell.
On the other hand, a high red line highlights a price capitulation, indicating the onset of a buyers’ market. As per the chart above, the BTC price has formed a bullish cross, suggesting that it could soon surge upward.
Blockchain analytics firm CryptoQuant also pointed to technical indicators that should have investors optimistic about the BTC price in the weeks ahead.
All the 11 signals shared by CryptoQuant track a different segment of on-chain data that lends insight into the king coin’s future. The data shows most on-chain indicators printing “buy” or “strong buy” signals.
ETH Price Could Surge Past $400
In the past few sessions, ETH extended its uptick and traded as high as $395. The altcoin failed to gain momentum at this level and corrected lower to change hands at $381 during press time.
As per the ETHUSD chart, there is a bullish trend line forming with support near $378, indicating that the asset is following an uptrend.
ETHUSD Price chart by Tradingview
If the ETH price stays above the $378 support and follows the trend line, it could soon resume its upward rally.
The next significant resistance is near $395, above which the second-largest crypto could break the $400 resistance and surge toward $420.