- Bitcoin is back in the green, heading for the $10k mark
- BTC is facing some strong hurdles on the upside
- Bitcoin is strongly supported on the downside
Bitcoin News Today – The past few days have been pretty tough for Bitcoin (BTC), as it has been struggling to amass gains towards the $10,000 mark. Bitcoin (BTC) found strong support close to the $9,330 mark and it started a fresh increase against the US dollar. Nevertheless, the digital currency needs to settle over the 100 simple moving average for a sustained upside move.
Bitcoin Bulls Are Still Facing Strong Resistances
This past week, the world’s largest digital currency by market cap failed once again to amass traction over the $10,300 and $10,500 hurdle points against the US dollar. As a result, the price of the digital currency plunged below the $10k support level and the 100 simple moving average. The downtrend was such that the digital currency plunged below the $9,500 support mark.
It even traded to a new weekly low at $9,336 before it started correcting higher recently. The bulls managed to push the price of the digital currency back over the $9,500 mark. Moreover, there was a break over the 50 percent Fibonacci retracement level of the previous swing from the high of $10,302 to the low of $9,336.
Bitcoin (BTC) Price Today – BTC / USD
Still, the price of Bitcoin (BTC) is facing a few resistances close to the $9,940 and $10k levels. The first major hurdle of the coin is close to the $9,940 mark and the 100 simple moving average (4-hours). It is near the 61.8 percent Fibonacci retracement level of the previous swing from the high of $10,302 to the low of $9,336.
Over that level, the next major hurdle of the coin is close to the $10,050 and $10,080 marks. More importantly, there is a formation of a major bearish trendline with a hurdle close to the $10,080 mark on the 4-hours chart of Bitcoin (BTC) against the USD. Hence, a successful break over the $9,940 and $10,080 marks is crucial for a sustained upside move. If the bulls succeed in pushing the price of the digital currency over that level, there are high chances of a major rally over the $10,500 mark and BTC might test a new 2020 high.
What Will Happen If Bitcoin Bulls Fail?
There are chances that the digital currency could fail to clear the 100 simple moving average or the $10,080 hurdle point. If it fails to break over those levels, Bitcoin might start a fresh downtrend below the $9,700 mark. If that happens, the first major support of the digital currency is close to the $10,500 mark. If the downtrend continues, then BTC might plunge towards the $9k level.