- Bitcoin (BTC) starts a fresh recovery wave after testing a new weekly low
- BTC faces strong hurdles on the upside
- Bitcoin is beginning to show positive signs over the $9,700 area
Bitcoin News Today – Over the past day, Bitcoin (BTC) has been struggling to amass gains to break over the hurdle on the upside. The digital currency recently plunged to a new weekly low at $9,483 before it started recovering. Bitcoin is now trading over the $9,700 mark, but it is capped on the upside at the $9,950 and $10k mark.
Bitcoin Faces Strong Hurdles on the Upside
Yesterday, the price of the digital currency plunged below the $9,600 support mark against the US dollar. The digital currency even traded below the $9,500 mark and settled below the 100 hourly simple moving average. Finally, the price of the digital currency plunged to a new weekly low at $9,483 before it started correcting higher.
The digital currency recovered over the $9,500 and $9,600 hurdle points to start the current recovery wave. More importantly, the digital currency broke over a key declining channel with a hurdle close to the $9,730 on the one-hour chart of BTC against the USD.
Bitcoin (BTC) Price Today – BTC / USD
Moreover, the price of Bitcoin (BTC) surged over the 23.6 percent Fibonacci retracement level of the previous swing from the high of $10,400 to the low of $9,483. The price of the digital currency is now showing a couple of positive signs over the $9,700 mark and it could continue to recover. Nevertheless, there are a couple of resistances on the upside close to the $9,940 and $10k levels.
The 50 percent Fibonacci retracement level of the previous swing from the high of $10,400 to the low of $9,483 is near $9,940 to act as the first major hurdle point. However, the main hurdle point is close to the $10k mark since it is close to the 100 hourly simple moving average. Hence, a break over the $9,940 and then a follow-up move over the $10k level is needed to begin a fresh and renewed uptrend. If that happens, the price of the digital currency could return to the $10,500 hurdle zone.
How Strong Are Bitcoin Support Levels?
Chances are the bulls of Bitcoin (BTC) will struggle close to $9,940 and $10k. If the bulls fail to push the price of the digital currency over the $10k level, Bitcoin might continue its downtrend. On the downside, the first support of the digital currency is close to the $9,600 and $9,500 marks. If the digital currency plunges below that level, it might pave the way for more downwards corrections towards the $9k level, which would strongly establish the presence of the bears.