After posting a strong recovery from its recent lows of $9,500, Bitcoin (BTC) has been able to further extend its upwards momentum and is now nearing the next key price hurdle that could determine which direction it trends in the near-term.
Bitcoin’s surge from its weekly lows of $9,500 signals that buyers are currently in control of its price action, despite facing numerous rejections at $12,000 over the past couple of weeks.
Bitcoin Surges to $10,700 as Bulls Continue Flexing Their Strength
At the time of writing, Bitcoin is trading up over 2% at its current price of $10,680, which marks a significant recovery from its recent lows of $9,500 that were set during a bout of capitulation last week.
The subsequent recovery that followed BTC’s drop to this price level was a critical sign that showed that despite the downwards pressure the crypto faced after being rejected at $12,000, bulls were not ready to allow bears to push the cryptocurrency into yet another macro-downtrend.