- Bitcoin price heads south after failing to break over $10,200
- BTC is down by more than 6 percent over the past day
- Bitcoin needs to clear the $9,750 hurdle point to return to the bullish zone
Bitcoin News Today – After recovering over the $10,000 hurdle point yesterday, Bitcoin is now back in the red as it fails to break over the $10,200 mark. The digital currency has plunged heavily below the $9,800 mark and it is susceptible to further downwards trends.
Bitcoin Is Down By Over 6% after Failing to Break over $10,200
Recently, the price of Bitcoin saw a sharp increase over the $10k level but was capped around the $10,200 hurdle point. Bitcoin tried to break over the $10,200 and $10,300 hurdle points on two occasions. Nevertheless, the bulls failed to gain momentum over the $10,200 mark. Bitcoin formed a swing high close to the $10,300 mark and the price of the plunged heavily below the $10k support level.
Besides, yesterday’s key bearish trendline acted as a strong resistance close to the $10,200 mark on the one-hour chart of BTC against the USD. The price of the digital currency plunged by more than 5 percent and traded below the $9,700 support level. In a similar trend, the price of Ethereum plunged below the $270 mark and that of XRP took a dive below the 28 cents mark.
Bitcoin (BTC) Price Today – BTC / USD
The price of Bitcoin even plunged below the $9,500 support mark and tested a new weekly low at $9,344. The digital currency is currently correcting higher over the $9,500 mark, including the 23.6 percent Fibonacci retracement level of the previous swing from the high of $10,301 to the low of $9,344.
On the upside, there are several crucial resistances forming for the bulls, starting with the $9,750 mark. The first major hurdle of the digital currency is close to the $9,800 and $9,820 marks. Moreover, the 50 percent Fibonacci retracement level of the previous swing from the high of $10,301 to the low of $9,344 is close to $9,823 to act as a strong hurdle. Hence, Bitcoin (BTC) needs to break over the $9,820 hurdle point to make another attempt to break over the $10,200 hurdle point.
Bitcoin Is Susceptible To a Massive Correction
If Bitcoin (BTC) fails to break over the $9,800 and $9,820 hurdle points in the near terms, chances are it might continue to head south. At the time of writing, Bitcoin is struggling around the $9,600 mark with immediate support at the $9,500 mark. A daily close below the $9,500 support mark might push BTC into a bearish area. If that happens, the bears are likely to push the price of the digital currency towards the $9k level.