- Bitcoin (BTC) breaks over the $9k resistance level
- BTC eyes the $9,500 and $10k levels
- Bitcoin will remain in the bullish zone provided it holds gains over the $8,500 support level
Bitcoin News Today – Bitcoin (BTC) is currently enjoying a ride from the bulls. The digital currency gained enough bullish momentum over the $8,800 resistance level. As a result, Bitcoin was able to break over the $9k resistance level and it is now eyeing the $9,500 hurdle point.
Bitcoin Heads for the $9,500 Mark After Breaking $9k
Bitcoin (BTC) started its sharp price recovery yesterday. The digital currency surged from the $8,300 range to break over its major resistance at $8,500. The upward trend continued and the digital currency broke over the $8,800 hurdle point and the 100 hourly simple moving average to gain more ground in the bullish zone.
Over the past few hours, the price of Bitcoin surged by 5 percent and it broke over the $9k psychological resistance. The digital currency even formed a new weekly high close to the $9,145 mark before it corrected lower. Bitcoin is currently trading close to the 23.6 percent Fibonacci retracement level of the previous swing from the low of $8,873 to the high of $9,145. On the downside, the first major support of the coin is at the $9k level.
Bitcoin (BTC) Price Today – BTC / USD
In addition, the 50 percent Fibonacci retracement of the previous swing from the low of $8,873 to the high of $9,145 is close to the $9k level to act as strong support. If the digital currency breaks below that level, the next support is close to the $8,880 mark. More importantly, there is a formation of a major bullish trendline with support close to the $8,880 mark on the one-hour chart of BTC/USD trading pair.
If Bitcoin (BTC) fails to hold gains over the $8,800 support level, it could plunge towards the $8,500 support level, which it just broke out from.
Bitcoin Bulls Are Still in Charge despite Slight Correction
In the near term, the price of the digital currency might plunge towards the $9k and $8,880 support marks. Nevertheless, the bulls are still very much in charge of the market provided Bitcoin (BTC) holds gains over the $8,500 mark and the 100-hourly simple moving average.
On the upside, the first major resistance of the digital currency is close to the $9,200 mark. A successful break over this level would most likely pave the way for more gains towards the $9,500 resistance level. If Bitcoin (BTC) is able to break over the $9,500 resistance level, then a push towards the $10k level would be next.
Bitcoin is not the only digital currency enjoying these gains, as the majority of altcoins in the market are also deep in the green, with some recording gains of more than 10 percent over the past day.