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