- Bitcoin plunged as low as $11,100 earlier this week.
- The drop led many analysts to think that the cryptocurrency was poised to lose the gains it incurred in late July and early August.
- One trader said that assuming Bitcoin's weakness earlier this week, a move to the $9,000s was entirely possible.
- On-chain data, though, shows that BTC has likely found a bottom in the near term and will trend higher in the days ahead.
- This is in line with Bitcoin's ongoing price rall
