- Bitcoin seems to be back in the bullish zone
- BTC needs to break over the $10,200 to start a fresh rally
- Bitcoin’s next rally could push prices towards the $11,000 mark
Bitcoin News Today – After a slight correction, the world’s largest digital currency by market cap seems to be back in the bullish zone. Bitcoin started a sharp rally over the $9,800 and $10k marks against the US dollar. The digital currency is currently consolidating and it could soon break over $10,200 to start the next bullish wave.
Bitcoin (BTC) Eyes the $11k Hurdle Point
Recently, Bitcoin (BTC) formed a new weekly low close to the $9,483 mark against the US-dollar. Later, the price of the digital currency started a nice uptrend over the $9,700 and $9,800 hurdle points. The bulls gained more momentum over a connecting bearish trendline, $10k, and the 100 hourly simple moving average.
As a result of that move, the price of the digital currency surged towards the $10,300 mark and formed a new intraday high close to $10,279. The digital currency is currently correcting lower below the $10,200 mark. Moreover, it is testing the 23.6 percent Fibonacci retracement level of the previous swing from the low of $9,617 to the high of $10,279.
Bitcoin (BTC) Price Today – BTC / USD
Nevertheless, there are several supports on the downside close to the $10,100 and $10,080 marks. On the upside, the immediate hurdle of Bitcoin is the $10,200 mark. Furthermore, there is a formation of a key bearish trendline with a hurdle close to $10,200 on the one-hour chart of BTC against the US dollar.
Hence, the price of the digital currency needs to break over the $10,200 zone to continue surging higher in the near term. If that happens, the bulls are likely to push prices over the $10,500 hurdle point. A successful break over that level would pave the way for more gains towards the $11k hurdle point in the near term.
Can Bitcoin Bulls Prevent Further Downtrends?
Bitcoin (BTC) could resume its downtrend if it fails to break over the $10,200 hurdle point and the trend line. If the bulls fail to hold gains, the first key support of the coin is at the $10k zone. Below that level, the next support is at the $9,950 mark since it is the 50 percent Fibonacci retracement level of the previous swing from the low of $9,617 to the high of $10,279.
The last line of defense is close to the $9,900 mark and the 100 hourly simple moving average. A break below that level would pave the way for more losses towards the $9,650 and $9,500 support levels. However, the digital currency seems to be in a bullish zone, and it is likely to amass more gains in the near term.