Over the past week, Bitcoin saw its market cap surge by $20 billion to hit the $188 billion mark as the tide begins to shift towards a BTC bull market.
In yesterday’s sessions, BTC buyers broke through the year high at $10,500 as strong bullish momentum drove BTC prices to fresh annual highs at $11,417.
In today’s sessions, BTC price continues its steady run within the upper-$10,700 region, which seems to indicate that it is coiling up to make another push higher in the near-term.
Bitcoin Overcomes Resistance near $10,500
At the time of writing, Bitcoin is changing hands at $10,985. This marks a slight upsurge from its overnight lows of $10,500.
Crypto analysts are now arguing that this latest defense of $10.5K was an extremely positive indicator, as it shows that bulls were able to conduct a textbook support-resistance flip.
For instance, analyst TeddyCleps noted on twitter that the $10.5K level is the most important level on the whole chart, adding that a break above it could be enough to send Bitcoin flying higher.
“There is still space to push till major resistance – hopefully we get a chance to test 11,700 again,” he explained.
BTC Price Correcting Gains
After a downside correction from $11,400, Bitcoin found support near the $10,700. The flagship crypto then climbed back above $11K, but it struggled to gain strength above $11,200, which led to the price correcting lower to the resistance at $10.5K.
However, this downturn was short-lived as buyers quickly absorbed the heavy selling pressure once the digital asset reached the $10,500 mark.
The impressive reaction to this crucial level was important because it indicated that the bulls are in total control of BTC, despite the recent rejection at the $11,400 level.
And now, a prominent crypto analyst suggests that Bitcoin just posted a significant buy signal on its daily chart.
This same signal had flashed only twice in the past few years, with the last occurrence witnessed in 2019 just before BTC rallied from $4K region to highs of $14,000.