BTC suffered from a sharp downward movement, breaking through the 11k support level. Prices saw a bounce around the 9.5k level as buyer were able to defend the uptrend line and managed a close above the 9.8k major support level. Volume has been rising with this last movement but we are still far from previous levels. This rebound is a bullish sign as it indicates the strong presence of buying volume. Therefore we expect a retest of the 11k level in the near future. The uptrend still remains in place. In order for this current movement to be considered as a reversal, we would need a breakthrough the 9k level which would open the path toward the 7.5k level. As long as buyers are able to defend the 9.8k - 10k support zone, the uptrend shall continue and prices shall be expected to rise toward previous highs.
Raphaël Comte Investment Analyst at Token Metrics
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