- BTC bulls continue to hold crucial support levels
- Bulls are likely to push BTC price over the $8,800 mark in the near term
Bitcoin News Today – Bitcoin (BTC) recovered after a sharp decline towards the $8,400 support level. The digital currency is now making attempts to break over the $8,800 and $9k resistance level in the coming sessions.
Bitcoin Bulls Continue to Hold Crucial Support levels
Recently, the price of Bitcoin (BTC) plunged from the $8,750 mark against the USD. The digital currency plunged below a few vital supports, but it was able to recover quickly over the $8,500 mark. As a result, there was a formation of a strong bullish overwhelming pattern on the one-hour chart fo the coin and the price of the digital currency settled over the $8,500 support level.
Bitcoin (BTC) Price Today – BTC / USD
The recent upsurge was technically significant, which means that the bulls rejected the $8,500 support. Besides, there was a break over a key declining channel with hurdles close to the $8,665 on the one-hour chart of Bitcoin (BTC) against the USD. The price of the digital currency even broke over the $8,700 mark.
Bitcoin (BTC) is presently testing the 100 hourly simple moving average and it is having a hard time breaking over the $8,780 to $8,800 resistance. If the digital currency breaks over the $8,800 resistance and the 100-hourly simple moving average, BTC is likely to surge higher in the near term. If this happens, the initial target of the digital currency could be $9k.
If the world’s largest digital currency by market cap successfully breaks over the $9k level, it might start a strong rally towards the $9,200 and $9,300 hurdle points. A successful break over those levels would pave the way for much larger moves towards the $10k and $11k levels in the coming days.
Bitcoin Is Still In a Bullish Zone with Strong Fundamentals
If Bitcoin (BTC) fails to clear the $8,800 hurdle point and the 100 hourly simple moving average again, it might correct lower a bit. At the time of writing, the immediate support of the digital currency is close to the $8,670 mark or the channel resistance level. The first major support on the downside is close to the $8,560 mark.
Below that level, Bitcoin (BTC) is likely to return to the $8,500 mark. However, Bitcoin (BTC) is still in a bullish zone, and only a daily close beneath the $8,500 might refute the present bullish view. The fundamentals of the digital currency are also pretty strong, and BTC does not look like giving up its upward rally anytime soon. The digital currency is poised for more gains and it might continue to test new levels in the near term.