- Bitcoin (BTC) continues to hit new 2020 highs
- BTC eyes the $10k level on the upside
- Bitcoin has several major support levels on the downside
Bitcoin News Today – The bulls have been able to hold the price of Bitcoin (BTC) well over the $9k level. The digital currency is currently in a safe zone over the $9,000 mark. BTC recently rallied to a new year-to-date high against the US dollar. Bitcoin is now trading over the $9,500 mark, with more bullish signs of a rally to the $10k level.
Bitcoin (BTC) Starts a Convincing Rally towards the $10,000 Mark
Recently, Bitcoin (BTC) experienced a slight correction from the $9,600 range against the U.S. dollar. The digital currency plunged and broke below the $9,400 and $9,300 support levels. It even broke below the $9,200 mark before the bulls showed up at the $9k area. Bitcoin formed a swing low close to the $9,079 mark before it started correcting higher.
Bitcoin surged and broke over the $9,200 hurdle point. The bulls gained more momentum and pushed the price of the digital currency over the 100-hourly simple moving average and the $9,500 hurdle point. Finally, BTC broke over the $9,600 resistance level and it surged to a new 2020 high of $9,764. The digital currency is currently consolidating lower beneath the $9,700 mark.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin (BTC) traded below the 23.6 percent Fibonacci retracement level of the previous swing from the low of $9,076 to the high of $9,764. Nevertheless, the previous resistance close to the $9,500 and $9,520 marks are acting as strong support for the coin. More importantly, there is a formation of a bullish trendline with support close to the $9,460 mark on the one-hour chart of BTC against the USD.
On the upside, there are near term resistances close to the $9,700 and $9,750 marks. If the digital currency breaks over the $9,750 mark successfully, it is likely to amass more gains. The next target after that level is the $10k mark.
Bitcoin’s Bulls Are in Charge
Bitcoin has found several strong support levels on the downside. The major support of the digital currency is close to the $9,500 mark. The next major support below that level is close to the $9,420 mark. It coincides with the 50 percent Fibonacci retracement level of the previous swing from the low of $9,076 to the high of $9,764.
A break below that level might pave the way for more losses towards the $9,340 support level and the 100-hourly simple moving average, where the bulls are likely to show up. Bitcoin is carrying most of the altcoins in the market along, as Ethereum (ETH) just broke over the $200 mark, testing a new 2020 high also.