After falling below the pivotal $10,000 price level this weekend, BTC managed to bounce back above $10,000 this week and is now trading at levels similar to earlier last week. During the past seven-day period, BTC managed to stabilize around $11,000 following the market downturn that occurred in early February. Now, the digital currency is trending up and is set to test the $11,000 mark once again.

Today, news also broke out that the self-proclaimed “Bitcoin (available on Coinbase) creator” Craig Wright is being sued for allegedly stealing over $5 billion worth of Bitcoin (available on Coinbase) and other crypto assets from former business partner David Kleiman.

BTC In Bullish Zone

The current chart for BTC/USD indicates that the cryptocurrency is preparing for a bullish return. BTC reached a high of $10,888 earlier today, and it’s now ready to reach $11,000 shortly. A major bullish trend has formed after hitting a support level of $10,475, and a bullish reversal has occurred. The major resistance that needs to be tested is $10,875. If a breakout occurs past this level in the following hours, $11,000 is the next stop.

Source: Tradingview

The MACD and RSI indicators have all shown bullish signs, and for tomorrow, it’s likely we see BTC reach its two-month moving average of approximately $11,400 — this is the short-term upside. For a less optimistic scenario, BTC could be hovering in the range of $10,500 and $10,800, but it would be still relatively close to $11,000 and a bullish return is still a high possibility. Both scenarios rule out a significant price drop back below $10,000.

Looking at the Technical Indicators:

Hourly MACD & RSI — BTC is on a bullish trend
Major Support Level — $10,475
Major Resistance Level — $10,875

Featured Image: Twitter

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In addition to writing financial content and analysis, Jackson has worked as a business journalist at Stockwatch and research analyst at various organizations. He obtained his MA Economics from Concordia University in Montreal and BA Economics from the University of British Columbia, with special emphasis on environmental and industrial economics.