- Bitcoin starts a new recovery phase
- Bitcoin bulls have refused to give up
- BTC needs to break over $9,825 hurdle point to start a fresh rally
Bitcoin News Today – Bitcoin (BTC) has managed to hold gains over the $9,350 support level against the USD. The price of the digital currency is currently correcting higher. However, it needs to break over the $9,825 mark for a strong upside move.
BTC’s Bulls Have Refused to Give Up
After Bitcoin (BTC) plunged below the $9,500 mark, the price of the digital currency plunged further below the $9,400 mark. Nevertheless, the world’s largest digital currency by market cap remained stable over the $9,340 and $9,350 support levels. It even formed a swing low close to the $9,344 mark and the digital currency is currently recovering.
It surged over the 23.6 percent Fibonacci retracement level of the previous swing from the high of $10,300 to the low of $9,344. Besides, there was a break over the contracting triangle with a hurdle close to the $9,665 level on the one-hour chart of Bitcoin against the USD. The digital currency is now trading nicely over the $9,700 mark, but there are several major resistances waiting on the upside.
Bitcoin (BTC) Price Today – BTC / USD
The first major hurdle of the digital currency is close to the $9,825 mark and the 100 hourly simple moving average. It is also near the 50 percent Fibonacci retracement level of the previous swing from the high of $10,300 to the low of $9,344. Hence, a successful break over the $9,825 mark and the 100 hourly simple moving average could pave the way for larger gains in the near term.
Over that level, the next major hurdle is close to the $10,060 mark, above which the price of the digital currency is likely to break over the $10,300 swing high. If the bulls manage to push prices over that level, then the next stop might be around the $10,500 hurdle point.
Bitcoin Has Strong Support over the $9k Level
If Bitcoin (BTC) fails to keep surging over the $9,825 hurdle point and the 100 hourly simple moving average, there could be another sharp downward plunge. If that happens, the immediate support of the digital currency is close to the $9,620 mark. However, the first major support is close to the $9,500 level. If bitcoin plunges below that level, it could return to the $9,350 support zone.
If the bears continue to establish their presence and push the price of the digital currency below that level, the next stop for the digital currency might be close to the $9,050 level. Nevertheless, the bulls do not seem to be giving up and the price of the digital currency might continue surging higher in the near term.