- Bitcoin hits a new 2020 high of $9,575
- BTC might continue to test new highs in the coming days
- Bitcoin just got its own emoji on Twitter
Bitcoin News Today – Bitcoin (BTC) recently tested a new year-to-date high at $9,575 before it started correcting lower. It seems like the digital currency is forming a head and shoulder pattern that could push its price towards the $8,800 mark.
Will Bitcoin Bulls Prevent A Dip to $8,800?
This past week has been bullish for Bitcoin (BTC) and the majority of coins in the market. The price of Bitcoin (BTC) surged over the $9,200 and $9,400 hurdle points against the USD. The digital currency even broke over the $9,500 resistance level and settled over the 100 simple moving average. Nevertheless, the bulls managed to hold gains over the $9,500 hurdle point.
Bitcoin formed a new 2020 high at $9,575 before it started correcting lower. The digital currency plunged below the $9,440 and $9,400 support levels. More importantly, the digital currency broke over the major bullish trendline with support close to the $9,400 on the 4-hour chart of BTC against the USD.
Bitcoin (BTC) Price Today – BTC / USD
Moreover, Bitcoin (BTC) plunged below the 23.6 percent Fibonacci retracement level of the previous swing from the low of $8,214 to the high of $9,575. If the digital currency breaks below the $9,150 support level, chances are the bears would take control. If that happens, the $8,895 mark could be the first target for the bears. That level coincides with the 50 percent Fibonacci retracement level of the recent upsurge from the low of $8,214 to the high of $9,575.
Below the $9k level, the major support of the coin is close to the $8,880 and $8,800 marks. Besides, the 100 SMA is also close to the $8,800 mark. As such, the bulls are more likely to hold the major $8,800 support mark in the short-term.
Bitcoin Might Continue Hitting New Highs
The $9,150 mark is a pretty strong support level. If Bitcoin holds gains over that level, it might continue its uptrend in the near term. The immediate hurdle of the coin is at the $9,400 mark. However, the major resistance is close to the $9,500 and $9,580 marks. A successful break over those levels would pave the way for more gains towards the $10k mark.
Twitter Adds Bitcoin (BTC) Emoji
In other news, BTC just got its own emoji on Twitter. Having been around for more than ten years, the world’s largest digital currency by market cap is, at last, being recognized by institutions and Twitter. Crypto Twitter is on fire over the new BTC emoji. To use the BTC emoji, just type the hashtag of Bitcoin (#Bitcoin), and the emoji will pop up.