Bitcoin News Today – The past few weeks have not really been favorable to Bitcoin (BTC) and the majority of coins in the market. BTC started a downward correction from the $10,521 year-to-date high against the USD. The price of the digital currency plunged below the $9k level but it is trading in the higher-end of the $8k range.
The Chart of BTC Suggests It Could Bounce Back Sharply
Over the past two days, there was an increase in the selling pressure of BTC below the $10k range. As a result, the price of the digital currency broke over a couple of key supports close to the $9,600 and $9,600 marks to enter a near term bearish zone. There was also a close below the $89,800 mark and the 100-day simple moving average.
Besides, there was a break beneath the 23.6 percent Fibonacci retracement level of the major swing from the low of $6,425 to the high of $10,521. In the course of the decline, there was a break beneath a key bullish trendline with support close to $9,580 on the daily chart of the BTC/USD trading pair. The price of the digital currency even plunged below the $9k support mark.
Bitcoin (BTC) Price Today – BTC / USD
The digital currency is now heading towards the $8,475 support mark (the previous breakout zone). It coincides with the 50 percent Fibonacci retracement level of the major swing from the low of $6,425 to the high of $10,521. The immediate support for the digital currency is close to the $8,300 mark and the 100-day simple moving average.
Hence, the digital currency is likely to find strong buying interest close to the $8,475 and $8,300 support marks, and it could bounce back sharply. On the upside, the immediate hurdle of the digital currency is close to the $9k level. A break over the $9k and $9,020 marks is likely to pave the way for more gains in the coming days.
The $8,000 Level Is Highly Significant
Obviously, Bitcoin (BTC) has several major supports close to $8,300 and the 100-day simple moving average, below which the digital currency might plunge towards the $8k support zone. The 61.8 percent Fibonacci retracement level of the same wave is also close to the $8k mark. As a result of this, the $8k support holds the key.
However, if the bulls fail to hold gains and allow BTC’s price to plunge below the $8k level, chances are a major downtrend could occur and push the price of Bitcoin (BTC) below the $7k and $6,800 marks.