- Bitcoin breaks below a major support level
- BTC bulls fight to hold gains over the $9k level
- Bitcoin recovers of $9,200 after forming a new low at $9,079
Bitcoin News Today – Recently, the bears pushed the price of Bitcoin (BTC) from well over the $9,550 zone against the US dollar. The digital currency plunged and broke below the major $9,220 support level. At the time of writing, the world’s largest digital currency by market cap is trading in a near term bearish zone.
Bitcoin Bulls Have Refused to Give up
Yesterday, Bitcoin recently started a heavy downtrend from a major support level. The digital currency plunged below $9,400 against the USD. Bitcoin continued its downtrend and plunged below the key $9,220 support zone. Besides, there was also a close over the $9,300 mark and the 100-hourly simple moving average.
Finally, the price of the digital currency declined towards the $9,050 support mark and formed a low at $9,079. Bitcoin is currently correcting higher, and it is trading over the $9,200 mark at the time of writing. Moreover, the digital currency is testing the 23.6 percent Fibonacci retracement level of the previous swing from the high of $9,609 to the low of $9,079.
Bitcoin (BTC) Price Today – BTC / USD
More importantly, there is a formation of a major bearish trendline with a hurdle close to the $9,220 mark on the hourly chart of BTC against the USD. Hence, the BTC/USD pair needs to break over the $9,200 and $9,220 marks. Over that level, the next major resistance is close to the $9,320 mark and the 100-hourly simple moving average.
Furthermore, the 50 percent Fibonacci retracement level of the previous swing from the high of $9,609 to the low of $9,079 is close to the $9,345 mark. Hence, a successful break over the $9,345 mark is needed for more gains towards the $9,500 and $9,600 hurdle points. A clear break over those levels would pave the way for more gains towards the $10k resistance level.
Bitcoin Finds Strong Support Level
On the downside, there is a formation of decent support close to the $9,100 mark. The current price action of the digital currency suggests that it might continue sliding below the $9,100 and $9k levels. If the digital currency breaks below the $9k level, it might plunge further an incur more losses. The next major support below that level is close to the $8,870 and $8,800 marks, where the bulls are more likely to show up.
The Moving Average Convergence Divergence (MACD) is gradually gaining momentum in the bullish zone. The Relative Strength Index (RSI) is presently surging towards the 50 level. The immediate support of BTC is $9,100 while its immediate hurdle point is $9,320.