Should bulls maintain momentum above the key area, which has acted as a tough hurdle in recent weeks., then Bitcoin traded as high as $10,918 for the first time in weeks as bulls took control Bitcoin could reclaim the crucial $11,500 price area in the short term Yesterday, publicly-listed financial firm Square announced it had purchased $50 million worth of Bitcoin. In the hours that followed, the bellwether cryptocurrency added over 2.5% to its value to cross the $10,800 barrier. In the process, BTC/USD broke above a symmetrical triangle pattern and is sitting well above the SMA50 to suggest the hidden bullish formation is strengthening. per veteran trader Peter Brandt, Square’s announcement is a “major development”, with social sentiment notably improved after a couple of weeks of a downcast outlook. The highly-respected trader posted the chart below, noting that Bitcoin is “poised to flash a big buy signal,” on both the weekly and daily charts. Chart suggesting Bitcoin is poised for a bull run. Source: Peter Brandt on Twitter Although bulls failed to extend gains to $11,000, hitting an intraday high of $10,918 suggests the market is poised for a move beyond. BTC/USD price outlook Looking at the daily chart, the height of the triangle suggests BTC/USD has its next target at around $12,500, the same level that formed the top of the last bull run from lows of $10,500 to highs of $12,486. In the meantime, bulls face $11,700 as the next barrier per IntoTheBlock’s IOMAP metric. There is a strong one million addresses barrier at this price level accounting for more than 740,000 bitcoins. Bulls will need to crack this wall to build momentum for the next high at $12,500. To achieve this, buyers need to hold off sellers at the 50-day SMA that formed the barrier to the $10,918 high. As of writing, the bullish case is helped by the MACD and the RSI as seen on the daily chart. BTC IOMAP support/overhead barrier areas. Should sellers seize control., then Source: IntoTheBlock On the flip side, the upside momentum will end However, even in this case, bulls have a solid wall of support at the SMA50, where the IOMAP indicates over two million addresses entered the market at $10,800. Beneath this level, the next major support is around $10,500 and the base of the long-term supply area at $10,000 provides dependable refuge.