- Bitcoin (BTC) corrects lower after topping out at $10,201
- Bitcoin might plunge to the $9,850 support level before rallying towards $10,500
- The dips of the BTC presents a decent buy opportunity
Bitcoin News Today – The price of Bitcoin surged gradually over the $10k hurdle point against the U.S. dollar. Nevertheless, the digital currency could correct lower towards the $9,850 mark before rallying towards the $10,500 mark.
Bitcoin (BTC) Could Break Below $10k in the Near Term
Over the past couple of days, there has been a steady increase in the price of Bitcoin (BTC) over the $9,500 and $9,850 hurdle points against the U.S dollar. The price of the digital currency even broke over the $10k level and settled over the 100-hourly simple moving average. Finally, Bitcoin (BTC) broke over the $10,200 mark and tested a new 2020 high of $10,201.
The price of the digital currency corrected lower and broke below the $10,100 mark. It plunged below the 23.6 percent Fibonacci retracement level of the previous swing from the low of $9,658 to the high of $10,201. Besides, there was a break below the major bullish trendline with support close to the $10,100 mark on the one-hour chart of Bitcoin (BTC) against the U.S. dollar.
Bitcoin (BTC) Price Today – BTC / USD
At the time of writing, Bitcoin (BTC) is trading below the $10,050 mark, with signs of returning to four digits in the near term. The immediate support of the coin is at the $10k level. However, the first major support is close to the $9,930 mark since it is close to the 50 percent Fibonacci retracement level of the previous swing from the low of $9,658 to the high of $10,201. The main support is close to the $9,850 mark, where the bulls are more likely to show up.
A break below this level may have a negative effect on the current bullish market sentiment, and the price of the digital currency might correct towards the $9,500 mark.
Bitcoin Shows Buy Signals
The present price action suggests that the price of Bitcoin (BTC) is correcting lower from the high of $10,201. If the digital currency breaks below the $10k support level, it will likely plunge to the $9,850 support mark. Nevertheless, the price of the digital currency is still strong on the upside and near term correction towards $9,850 could be considered as a great buying opportunity.
Moreover, only a daily plunge below the $9,500 mark might ignite a substantial downward correction. Many analysts believe this is a great time to invest in the digital currency, as it is more likely to surge significantly higher after this near term price correction. On the upside, the major resistance levels of the digital currency are close to $10,150, $10,200, and $10,500.