- Bitcoin breaks over major support to test a new 2020 high
- Bitcoin is likely to correct towards $8,300 to start a fresh rally
- BTC needs to break over $9,200 to pave the way for $10k
Bitcoin News Today – Bitcoin (BTC) continues to test new yearly highs. The digital currency recently broke over the $8,800 hurdle point against the U.S. dollar. Nevertheless, the price of the digital currency might correct lower towards the $8,400 and $8,300 marks before it can start a fresh rally.
Bitcoin Corrects Lower after Breaking over $8,800
Bitcoin (BTC) began a nice upward trend yesterday and broke over the $8,200 and $8,400 hurdle points against the U.S. dollar. The digital currency later traded in a tight range before rallying again over the $8,500 and $8,600 hurdle points. Besides, the price of the digital currency broke over the $8,800 level and settled nicely over the 100 hourly simple moving average.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin (BTC) formed a new yearly high close to the $8,898 mark before it started correcting lower. It broke the 23.6 percent Fibonacci retracement level of the previous swing from the low of $8,038 to the high of $8,898. At press time, the immediate support of the digital currency is close to the $8,600 and $8,620 marks.
Below those levels, the next support is at the $8,460 mark or the 50 percent Fibonacci retracement level of the recent swing from the low of $8,038 to the high of $8,898. However, the buy zone and major support of the coin could be close to the $8,400 and $8,300 marks. Furthermore, there is a formation of a key bullish trendline with support close to the $8,300 mark on the hourly chart of BTC against the USD. As such, if the digital currency plunges towards the $8,400 and $8,300 levels, it may perhaps find solid bids.
Can Bitcoin Bulls Push Price over $9k in the Near Term?
The current sentiment around Bitcoin (BTC) is positive and the recent break over the $8,600 mark was convincing. In the near term, the digital currency might correct towards the $8,400 mark. After the completion of the correction phase, Bitcoin bulls might make another attempt to break over the $8,800 and $9k hurdle points. The major hurdle for a huge move towards the $10k level is close to the $9,200 mark.
If the digital currency fails to break over the $9k and $9,200 hurdle points, it might start a huge downward trend towards the $7,200 and $7k support levels in the next few days.
However, Bitcoin was not the only coin that enjoyed that huge rally. Among the top ten cryptos, the highest gainer of the past day is Bitcoin SV, with an increase of more than 80 percent. BSV is now holding the fourth position on the list of top digital currencies by market cap.