- Bitcoin (BTC) breaks over the $8k resistance level
- BTC hits a new 2020 high of $8,464
- Bitcoin finds new support and might break over the $9k level soon
Bitcoin News Today – Bitcoin (BTC) just broke some crucial resistance levels close to $7,500 and $8k on the daily chart against the USD. The current price action of the digital currency indicates a strong rise towards the $9,100 or even the $10k level. Bitcoin has even tested a new year-to-date high.
Bitcoin Seems to Have Started Its Next Major Rally
Recently, the bulls pushed the price of the digital currency over the $7,500 hurdle point against the US Dollar. There were also some key bullish breaks on the daily chart of the coin. According to the daily chart, BTC formed support close to the $7,560 before it started the present rally. There was also a break over a major bearish trendline with hurdle close to $7,630.
Bitcoin (BTC) Price Today – BTC / USD
After breaking over that level, the digital currency surged over the $8k resistance and settled over the 100-day simple moving average. The recent rally was delayed close to the 50 percent Fibonacci retracement level of the previous swing from the high of $10,564 to the low of $6,449. Nevertheless, bullish breaks over the trendline, the current price action, and the 100-day simple moving average indicate that the bulls are getting ready for the next rally over the $8,500 resistance level.
The next major hurdle of the digital currency is close to the $9k and $9,100 resistance levels. The 61.8 percent Fibonacci retracement of the previous swing from the high of $10,564 to the low of $6,449 is also close to the $9k level. If Bitcoin (BTC) continues to surge higher and breaks over the $9,100 resistance level, chances are it would run towards the $10k resistance level.
Bitcoin (BTC) Finds a New Strong Support
In the near term, the digital currency might experience a little downward correction. If this happens, the immediate resistance of the coin is at the $8,300 mark. However, the major support of the digital currency is close to the $8k level or the 100-day simple moving average, which was the recent breakout zone.
If the digital currency breaks below that level, it might plunge towards the $7,500 support zone. Looking at the chart, the price of the digital currency is showing a lot of positive signs over the $8k level and the 100-day simple moving average. Provided the digital currency does not plunge below the 100 simple moving average by the end of the day, there is a high possibility of a strong upward move towards the $10k hurdle point. The immediate hurdle of the coin is at the $8,500 level, and a break over this level is needed for more gains.