- Bitcoin bulls fails to hold gains over the $9,500 mark
- Bitcoin experiences a sharp decline towards the $9,200 mark
- Will Bitcoin bulls prevent a dip to the $9,000 support level?
Bitcoin News Today – Bitcoin (BTC) is currently correcting downwards after failing to hold gains over the $9,500 hurdle against the U.S. dollar. The world’s largest digital currency is at risk of a heavy downtrend except it bounces back from the $9,150 support level.
Bitcoin Tests Major Support Level
Yesterday, there was a sharp near term spike in the price of BTC over the $9,500 hurdle point against the US dollar. Bitcoin even broke over the $9,600 mark and tested a new 2020 high of $9,606. Nevertheless, the bulls failed to hold gains over the $9,500 resistance. As such, the price of Bitcoin (BTC) plunged sharply and broke below the $9,400 support level and the 100 hourly simple moving average.
The price of the digital currency even plunged below the $9,300 mark and tested the $9,200 support zone. Bitcoin formed a new weekly low close to the $9,223 mark and the digital currency is currently consolidating over the $9,220 and $9,200 support marks.
Bitcoin (BTC) Price Today – BTC / USD
On the upside, the immediate resistance of the digital currency is close to the $9,320 mark. Moreover, the 23.3 percent Fibonacci retracement level of the previous swing from the high of $9,606 to the low of $9,223 is also close to the $9,320 mark. More importantly, there is a formation of a declining channel with a hurdle close to the $9,320 mark on the one-hour chart of Bitcoin against the US dollar.
On the downside, there are many supports close to the $9,200 mark. If the price of digital currency plunges below the $9,200 and $9,150 support levels, there is a risk of a breakdown. If that happens, the price of Bitcoin (BTC) is likely to return to the $9k support level. Below that level, the next major support of the digital currency is close to the $8,800 mark, where the bulls are more likely to show up.
Will Bitcoin Bulls Prevent a Dip to the $9k Level?
To begin a nice upward trend, Bitcoin needs to break over the $9,300 mark and the channel resistance. Over that level, the next hurdle is close to the $9,420 mark. That level coincides with the 50 percent Fibonacci retracement level of the previous swing from the high of $9,606 to the low of $9,223. A successful break over the $9,420 mark and a close over the 100-hourly simple moving average might increase the chances of upside continuation over the $9,500 and $9,600 marks in the short-term.
The slight correction in BTC price has affected most of the coins in the market. Almost all the top 30 digital currencies are trading in the red at the time of writing.