- Bitcoin (BTC) continues to test new highs
- Bitcoin bulls are losing momentum
- Bitcoin is likely to resume its upside move after a little correction
Bitcoin News Today – Bitcoin (BTC) has been riding on the bulls over the past few days. The world’s largest digital currency recently surged towards the $10.500 hurdle point against the USD. At the moment, the digital currency is showing signs of exhaustion and it might correct lower a bit before the next rally.
The Bullish Momentum of Bitcoin (BTC) Is Dropping
This week, BTC recovered over the $10k hurdle points against the USD. The price of the digital currency even broke over the $10,200 hurdle point and the 100 hourly simple moving average. Recently, there was a break over the $10,500 resistance level, but the bulls lacked enough momentum to push the price of the digital currency higher.
Bitcoin formed a new 2020 high close to $10,492 before it started consolidating lower. The immediate support of the coin is close to the $10,400 mark. Nevertheless, the first major support is close to the $10,350 mark. More importantly, there is a formation of a short-term ascending channel with support close to the $10,350 mark on the one-hour chart of BTC against the USD.
Bitcoin (BTC) Price Today – BTC / USD
Below that support channel, the 23.6 percent Fibonacci retracement level of the previous swing from the low of $9,711 to the high of $10,492 is at $10,300 to prevent further downside moves.
On the upside, the price of BTC seems to be encountering a strong hurdle close to the $10,500 level. It appears that the bulls are exhausted and chances are the price of the digital currency might correct below the $10,350 level. On the downside, the major support of the digital currency is close to the $10,200 mark, where the bulls are likely to show up.
If the digital currency plunges below that level, it might head towards the key $10,100 support mark. That level coincides with the 100 hourly simple moving average and the 50 percent Fibonacci retracement level of the previous swing from the low of $9,711 to the high of $10,492.
Bitcoin Might Resume Its Uptrend Soon
Bitcoin (BTC) is more likely to resume its uptrend in the near term once the current correction wave is complete. The next upside move might send the price of the digital currency over $10,450 and $10,500. If that happens, BTC could experience a sharp move towards the $11k resistance level. However, it might experience resistance around the $10,800 mark.
The overall performance of the digital currency suggests that there are high chances of a mirror dip towards the $10,200 and $10,100 support levels before a rally towards the $11k hurdle point.