Bitcoin has once again been caught in the throes of massive volatility, experiencing a parabolic price surge yesterday before plunging over 20%. This price action has led many investors to quickly flip bearish on BTC, but a bullish response to its latest drop could lead it significantly higher.
Analysts are now noting that Bitcoin is still caught in a firm uptrend in spite of this recent volatility, which likely signals that it will continue climbing higher in the near-future.
Bitcoin is trading up over 4% at its current price of $11,850. BTC’s latest move upwards signals that the cryptocurrency does have support in the $10,000 region, which likely signals that it will continue to extend its upwards momentum in the short-term.
As the week wraps up and the weekend trading session kicks off, it is highly likely that traders and analysts alike will soon garner greater insight into whether or not Bitcoin’s current uptrend will be enough to propel it past its previously established all-time-highs.