- Bitcoin made two more attempts to clear $10k but failed
- BTC is still strongly supported on the downside
- Bitcoin needs to break over the $10k mark to start a fresh rally
Bitcoin News Today – Again, Bitcoin (BTC) has failed to break over the $10k level after surging nicely over the $9,800 mark. The price of the digital currency is currently plunging, but it is likely to find support close to the $9,640 and $9,500 marks.
Bitcoin Is Still Strongly Supported on the Downside
Over the past couple of trading sessions, there was a steady rise in the price of Bitcoin over the $9,650 and $9,800 marks against the US dollar. The digital currency even broke over the $9,880 hurdle point and settled over the 100 hourly simple moving average. Finally, the price of the digital currency tested the $10k hurdle zone, where the bears showed up.
The bulls made two different attempts to push prices over the $10,020 mark but failed. As a result, there was a sharp bearish reaction below the $9,880 and $9,800 marks. The price of Bitcoin plunged by over $250 and it seems like it was rejected close to the $10k zone. The recent downtrend was such as that the price of the digital currency plunged below $9,750 and the 100 hourly simple moving average.
Bitcoin (BTC) Price Today – BTC / USD
Nevertheless, the $9,650 support mark prevented further declines. The price of the digital currency is now back over the $9,700 area and the 23.6 percent Fibonacci retracement level of the previous swing from the high of $10,020 to the low of $9,599. More importantly, there is a formation of a bearish trendline with support close to the $9,750 mark on the hourly chart of the BTC/USD trading pair.
The BTC/USD pair is now consolidating over the trendline, below which it could return to the major $9,650 support zone. The next major support below that level is the $9,500 mark, where the bulls are likely to show up. If the digital currency continues to head south and break below that level, the price of Bitcoin might head back towards the $9,340 support zone.
Bitcoin Is Still In a Safe Zone
Provided the price of Bitcoin (BTC) remains over the $9,500 mark, it could bounce back. On the upside, the immediate hurdle of the coin is close to the $9,800 mark. It represents the 50 percent Fibonacci retracement level of the previous swing from the high of $10,020 to the low of $9,599.
If the digital currency successfully breaks over the $9,800 mark, the bulls will amass more momentum and make another attempt to break over the $10k and $10,020 hurdle points. At press time, Bitcoin is down by more than one percent, but it might bounce back in the near term.