- Bitcoin corrects lower after encountering strong hurdle near $9,000
- Bitcoin (BTC) finds new support levels
- Bitcoin needs to hold the $8,540 support to recover in the near term
Bitcoin News Today – Bitcoin (BTC) managed to break over the $8,900 hurdle point on two occasions against the USD. However, the bulls lacked the momentum to continue pushing the digital currency higher. The price of Bitcoin is showing a couple of bearish signs and it is likely to plunge towards the $8,300 and $8,200 support areas.
Bitcoin Starts a Downtrend after Failing to Break over $9k
Yesterday, there was a massive increase in the price of Bitcoin and it broke over the $8,500 hurdle point against the U.S. dollar. The price of the digital currency surged towards the $9k level, but it had a hard time clearing the $8,900 resistance level. The bulls tried to push BTC price over the $8,900 resistance level twice, but they failed.
Bitcoin (BTC) Price Today – BTC / USD
After failing to break over that resistance level, the price of the digital currency plunged below the $8,700 and $8,660 support areas. There was also break below an important bullish trendline with support close to $8,660 on the hourly chart of Bitcoin against the USD. The digital currency is now trading below the 23.6 percent Fibonacci retracement level of the previous swing from the low of $8,040 to the high of $8,898.
The immediate support of the digital currency is another bullish trendline at the $8,610 mark on the same chart. The first major support is close to the $8,540 mark. If Bitcoin (BTC) breaks below that level, it will most likely carve a double top close to the $8,400 area. If this happens, the price of BTC is likely to plunge below the 50 percent Fibonacci retracement level of the previous swing from the low of $8,040 to the high of $8,898.
The major target for the bears may perhaps be close to the $8,240 and $8,200 support levels. A decline below those levels could push the price of the digital currency towards the $8k level.
Bitcoin Needs to Remain over the $8,540 Support to Break over $8,900
If Bitcoin remains over the $8,540 and $8,500 support levels, it would invalidate the double top pattern. On the upside, the immediate resistance of the coin is close to the $8,700 mark. However, the major hurdle of the coin is still at the $8,900 mark.
If Bitcoin (BTC) breaks over that resistance level, the bulls are more likely to push the price of the digital currency close to the $9,200 and $9,250 hurdle points. A break over those levels would pave the way for more gains towards the $9,500 and $10,000 levels in the near term.