- Bitcoin (BTC) tests a new 2020 high at $10,406
- Bitcoin bulls are eyeing the $11k mark
- Bitcoin is strongly supported on the downside
Bitcoin News Today – Yesterday, Smartereum reported that Bitcoin’s bulls are still in charge of the market provided the price of the digital currency remains over the $9,500 support level. After incurring losses yesterday, Bitcoin just surged to a new 2020 high of $10,406 against the U.S. dollar. The digital currency is now eyeing another bullish move over the $10,500 mark in the short-term.
Bitcoin (BTC) Starts a Fresh Rally to $11k
Recently, the price of Bitcoin (BTC) corrected below the $10k and $9,850 support marks against the U.S. dollar. The price of the digital currency tested the $9,700 mark and formed a niche support base. As a result, Bitcoin started a fresh rally over the $9,850 hurdle point and the 100-hourly simple moving average. Besides, the declining channel yesterday was breached close to the $9,760 mark.
The break over that level paved the way for more gains over the $10k resistance level. Finally, the world’s largest digital currency by market cap surged over the $10,200 hurdle point and formed a new 2020 high at $10,406. The digital currency is currently correcting gains beneath the $10,350 mark. BTC tested the 23.6 percent Fibonacci retracement level of the previous swing from the low of $9,709 to the high of $10,406.
Bitcoin (BTC) Price Today – BTC / USD
Nevertheless, the price of the digital currency remained well bid over the $10,200 mark. More importantly, there is a formation of a bullish continuation pattern with a hurdle close to the $10,385 mark on the one-hour chart of BTC against the USD. The immediate hurdle point of the coin is near $10,400, and a break over that level could pave the way for more gains in the coming sessions.
The next hurdle of the digital currency is close to the $10,500 mark. If Bitcoin breaks over that level, it is more likely to surge towards $10,800 and $11k before any correction will take place.
Bitcoin Is Strongly Supported On the Downside
On the downside, Bitcoin has several supports close to the $10,200 mark. If the digital currency begins another correction below the $10,200 mark, it could plunge towards the $10,050 support level. The 50 percent Fibonacci retracement level of the recent swing from the low of $9,709 to the high of $10,406 is close to the $10,050 mark to act as a decent support.
The next major support of the digital currency is close to the $9,970 mark since it is near the 100-hourly simple moving average. A break below that level might push the price of the digital currency towards the $9,500 mark.