Summary: Several metrics suggest Bitcoin is in for upwards trend despite the token's recent erratic price movements. Over the past few weeks, Bitcoin has dropped to its support at $9,900 several times, but the level has held steady. Two days ago, BTC was at $10,200, but today is back to trading at $10,779 and is up ...

Several metrics suggest Bitcoin is in for upwards trend despite the token's recent erratic price movements.

Over the past few weeks, Bitcoin has dropped to its support at $9,900 several times, but the level has held steady. Two days ago, BTC was at $10,200, but today is back to trading at $10,779 and is up 1.3%. How the coin reacts to the $11,000 price level will likely affect near-term price movements.

One popular commenter stated in a tweet that two indicators suggest Bitcoin will break past $11,000 and up to $11,250. He argued that the S&P currently standing above 3,400 is a strong sign for Bitcoin given that the market was a driving factor during the down move. In addition, the recent popularity of the DeFi space could help buoy Bitcoin's price.

By Emily Mason