- Bitcoin (BTC) continues to hold gains over the major $8,500 support
- Bitcoin eyes upside break
- Bitcoin bulls continue to prevent heavy downtrends
Bitcoin News Today – Bitcoin (BTC) is presently consolidating over the major support at $8,500 against the U.S. dollar. The digital currency has been trading within a close range over the past few days and it might begin a fresh rally if it breaks over the $8,800 hurdle point.
Bitcoin (BTC) Is Eyeing Upside Break
The world’s most dominant digital currency recently broke below the $9k mark against the USD. The price of the digital currency followed a near term bearish path and plunged below the $8,800 support level. Besides, there was a close beneath the $8,800 mark and the 100-hourly simple moving average. Finally, BTC plunged to the key $8,500 support level and recently began a little recovery. The price of the digital currency tested the $8,500 support level on several occasions, but the bulls refuse to give way to the bears.
Bitcoin (BTC) Price Today – BTC / USD
As a result, the price of Bitcoin (BTC) surged over the $8,650 mark, including the 23.6 percent Fibonacci retracement level of the previous swing from the high of $9,186 to the low of $8,470. On the upside, there are some resistances close to the $8,760 and $8,800 marks. Moreover, there is a formation of a major contracting triangle with a hurdle close to the $8,720 mark on the one-hour chart of Bitcoin (BTC) against the US dollar.
More importantly, the 100-hourly simple moving average is close to the $8,800 mark and the 50 percent Fibonacci retracement level of the previous swing from the high of $9,186 to the low of $8,470. Hence, if the digital currency successfully breaks over the $8,800 hurdle point, it is more likely to start a fresh rally.
If that happens, the price of Bitcoin (BTC) is likely to surge over the $9k and $9,100 hurdle points in the near term. A break over those levels would pave the way for more gains towards the $9,500 and $9,600 levels.
The $8,500 Support Is Crucial for BTC
The $8,500 support level is very important to the bulls of Bitcoin (BTC). If the price of the digital currency falls below the $8,500 and $8,470 support marks, it could start a heavy downtrend. Below the $8,470 mark, the digital currency is likely to continue heading south towards the $8,200 and $8k support levels. The major support of the coin is close to the $8k level, where the bulls are likely to take a stand. At press time, the digital currency is trading at $8,629 after a decrease of less than one percent over the past twenty-four hours. The immediate support of the coin is at $8,600.