Bottom Confirmed? Bitcoin at 20-Day High Near $11K

The bitcoin price has rallied 84 percent from recent lows, suggesting a bottom is in place, although a long-term bull revival is still not certain, according to the price charts

Over the weekend, CoinDesk’s Bitcoin Price Index (BPI) rose to $11,279.18, its highest level since Jan. 29. As of writing, the BPI is seen at $10,800 – up 1.59 percent in the last 24 hours. However, a bout of profit taking seems to have pushed the cryptocurrency back below $11,000.

While the “V”-shaped rally from the Feb. 6 low of $5,947.40 certainly paints a bullish picture, investors are still divided on whether BTC has found a long-term bottom below $6,000.

Bitcoin seems to have bottomed out below $6,000 as indicated by bullish doji reversal, but the weekly indicators are still less clear about the long-term prospects for the bulls, as discussed below…

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