фото показано с : newsbtc.com

Bitcoin bulls have been able to catalyze some slight momentum today that erased all of the losses that came about as a result of yesterday’s dip.

Analysts are now noting that the benchmark cryptocurrency may be well-positioned to see further near-term upside, which could come about as a result of the strong support that was confirmed at $11,150.

This is the lowest price BTC fell to yesterday following the Fed-induced selloff. The visit to this level was brief, and the cryptocurrency nearly instantly rebounded after it was touched.

This is the second time that the $11,100 region has been confirmed as strong support, which is a positive sign signaling that further upside may be imminent in the near-term.

The defense of this horizontal support level also coincided closely with the defense of a critical moving average that was tested.

Because bulls ardently guarded against this level being broken below, analysts are now growing widely optimistic that an extension of Bitcoin’s mid-term uptrend is now imminent.

Yesterday, Bitcoin’s price incurred some intense turbulence that caused it to rally up towards $11,600 before facing a swift rejection that sent it reeling down to lows of $11,150.

This is an important support level that has been tested on a few occasions in the past. Most recently was three days ago when BTC plunged from highs of nearly $12,000. It ultimately dropped to $11,100 before it was able to rally back towards $11,600.

This support level was once again confirmed yesterday, and it now appears that Bitcoin may be well-positioned to further extend its ongoing upswing.

One analyst observed that the defense of this support also marked a defense of the crypto’s critical 200-day moving average.

While this level was being tested yesterday, he said:

“4h testing 200ema as we speak. Bulls sure as hell do not want to close below here, could initiate multi-day correction; not fun…”

Another popular trader explained that the cryptocurrency’s high time frame outlook remains incredibly strong despite the recent dip.

Specifically, he points to the continued defense of the lower-$11,000 region as a bull-favoring sign.

“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, but until then we are good… The more we hold the more bullish I’m getting at this level.”

Unless Bitcoin faces another harsh rejection at its $11,600 resistance level, it will likely climb higher from its current price levels in the near-term.

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