- Bitcoin (BTC) faces hurdle near $9,420
- BTC is strongly supported at the $9,150 mark
- Bitcoin is preparing for the next major break
Bitcoin News Today – Bitcoin (BTC) has been breaking over several major resistance levels over the past few days. The digital currency recently broke over the $9k level and topped out close to the $9,400 mark before it started correcting lower.
BTC corrected lower but managed to hold gains over the $9,150 support mark against the U.S. dollar. Provided the bears are not able to push the price of the digital currency below the $9,150 mark, BTC is likely to rally over the $9,500 mark in the near term.
Bitcoin Could Soon Break over the $9,500 Resistance
After a sharp upward movement, the price of Bitcoin (BTC) found a hurdle close to the $9,400 mark against the USD. The digital currency recently corrected below the $9,350 and $9,300 support levels, but the bears struggled to push the digital currency further downwards. There was also a break below the 23.3 percent Fibonacci retracement level of the previous swing from the low of $8,875 to the high of $9,426. The digital currency even plunged below the $9,200 support mark.
Bitcoin (BTC) Price Today – BTC / USD
Nevertheless, the bulls stayed strong over the major $9,150 support level. It seems like the 50 percent Fibonacci retracement level of the previous swing from the low of $8,875 to the high of $9,426 acted as strong support. Furthermore, this week’s crucial bullish trendline is intact, with support close to the $9,210 mark on the one-hour chart of BTC against the USD.
The price of Bitcoin (BTC) is currently on the rise, and it is now trading well over the $9,300 mark. The first major hurdle of the coin is close to the $9,420 mark. A successful break over that level will pave the way for more gains over the $9,500 mark. If the bulls are able to break over $9,500, then there are higher chances of a clear break over the $9,880 and towards the $10k level.
Will BTC Bulls Pave the Way for the Bears?
On the downside, the first major support of the digital currency is near $9,210. However, the major support is close to the $9,150 mark. If the bears overshadow the bulls and push BTC price below the $9,150 support level, the price of the digital currency is likely to plunge towards the $8,860 support mark or the 100-hourly simple moving average.
An immediate support is close to the $9k level or the 76.4 percent Fibonacci retracement level of the previous swing from the low of $8,875 to the high of $9,426. Bitcoin is currently in the red, but chances are it would continue its uptrend in the near term.