After falling to about $ 8,800 this Wednesday, Bitcoin made a good recovery to $ 9,200.
While it is too early for many people to say that the flagship cryptocurrency is in a bullish market, one analyst says that if it breaks at a significant level, we will see a rise to $ 11,000.
While Bitcoin bounced back about 5% from the bottom for the week, the cryptocurrency remains below the key level of $ 9,500.
According to a popular analyst, if Bitcoin manages to capture this level of the daily time frame, it will confirm a further rise.
“Bitcoin has found support for the daily time frame and maintains its upward trend. The red block [on the graph] is key for me, if we reject it it will confirm the distribution above the top from March and I expect much lower values. If we take the red block, I expect a retreat to $ 11k. ”
Technical and fundamental factors suggest that Bitcoin may remain at $ 9,500, according to a number of analysts.
Mike McGlone recently identified three fundamental trends that indicate that Bitcoin will soon be trading above $ 10,000.
The trends are as follows:
1 – The number of active Bitcoin addresses is increasing.
2 – There is a record open interest rate on CME Bitcoin futures.
3 – Assets managed by Grayscale have reached record levels.