- Bitcoin plunged below $9,500 after it was rejected at $9,750
- Bitcoin is testing a major support level
- BTC has several hurdle points on the upside
Bitcoin News Today – The bulls have been struggling to push the price of Bitcoin higher over the past few days. Bitcoin has been hovering around the $9,800 mark and it just plunged towards the $9,500 support level against the US dollar. The price of the digital currency could plunge heavily if it settles below the key $9,500 support mark.
Bitcoin Is Down to Its Major Support Level
Recently, the price of Bitcoin (BTC) was rejected close to the $9,880 mark against the US dollar. The digital currency started a downtrend, plunged from the swing high of $9,847, and plunged below the $9,750 support level. Moreover, there was a break over the $9,680 mark and the 100 hourly simple moving average.
That move paved the way for more losses and the price of the digital currency plunged towards the key $9,500 support level, where the bulls showed up. The digital currency formed a swing low close to the $9,481 mark and the price is presently correcting higher. It broke over the 23.6 percent Fibonacci retracement level of the previous swing from the high of $9,841 to the low of $9,481.
Bitcoin (BTC) Price Today – BTC / USD
Nevertheless, there are several resistances on the upside, starting with the $9,640 and $9,680 marks. More importantly, there is a formation of a key bearish trend line with a hurdle close to the $9,640 mark on the one-hour chart of BTC against the USD. On the downside, the major support of the digital currency is close to the $9,500 mark.
If Bitcoin (BTC) breaks below the $9,500 mark, the bears are likely to take over. If that happens, there are chances that the world’s most dominant digital currency would incur more losses towards the $9,300 and $9,050 support marks. Nevertheless, many analysts believe the digital currency is strongly supported on the downside, and it is more likely to surge higher than to revisit the $9k range.
Bitcoin Faces Many Hurdles on the Upside
On the upside, Bitcoin is facing a series of hurdles. The first hurdle is close to the $9,640 level. Over that level, the next hurdle is close to the 50 percent Fibonacci retracement level of the previous swing from the high of $9,841 to the low of $9,481. However, the major hurdle of the coin is close to the $9,740 mark and the 100 hourly simple moving average.
Hence, the bulls need to break over the trendline hurdle and amass traction over the 100 hourly simple moving average to begin a fresh rally in the near term. If this does not happen, there is a chance of a downtrend towards $9,500.