After plunging as low as $8,800 on Thursday, Bitcoin has mounted a slight recovery to $9,300, bouncing back from this week’s shell-shock rumor that Satoshi Nakamoto is liquidating his coins. While it’s too soon to tell whether or not BTC is in a full-blown bull market, a prominent trader says that Bitcoin capturing a specific technical level will set the stage for a surge to $11,000. While Bitcoin has bounced approximately 5% from the lows sustained earlier this week, the cryptocurrency remains below a key support level: $9,500, which has acted as an inflection point multiple times over the past few months. According to a popular cryptocurrency and foreign exchange trader, if BTC manages to close above the level on a daily time frame, it will confirm upside. With the importance of $9,500 being highlighted, a logical place for one’s mind to drift is if Bitcoin can do it — if BTC can hold $9,500. The technical and fundamental signs say the cryptocurrency can, a number of analysts have said over recent days. Bloomberg Intelligence’s senior commodities strategist, Mike McGlone recently identified three fundamental trends indicating that Bitcoin will soon trade over $10,000, confirming the technical requirement for the bullish upside the analyst in the first section mentioned. The trends are as follows:Adding to this, crypto analytics startupGlassnode noted on May 18th that the Puell Multiple — the USD value of BTC issued per day over the one-year moving average of the same metric — recently reached a crucial level. As the chart above shows, whenever this on-chain multiple entered the green zone, it found a macro bottom. All data is taken from the source:
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Why Bitcoin Claiming This Crucial Level Will Set the Stage for a Move to:
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