Bitcoin News Today – Headlines for February 28

Bitcoin Trading
  • Bitcoin (BTC) starts a new recovery phase
  • BTC faces several hurdles on the upside
  • Bitcoin bulls needs to prevent a dip towards $8k by breaking the $9k hurdle point

Bitcoin News Today – After testing a new weekly low, the price of Bitcoin (BTC) is gradually surging higher against the US dollar. Nevertheless, the digital currency is still encountering several resistances close to the $9k mark and it could resume its downtrend.

Bitcoin (BTC) Is Facing Several Resistances on the Upside

Earlier this week, there was a= heavy downtrend in the price of Bitcoin (BTC) and the digital currency plunged below the $9k and $8,800 levels against the US dollar. The price of the digital currency even traded below the $8,680 support mark and settled below the 100-hourly simple moving average. The digital currency formed a new weekly close to $8,512 and the price is presently correcting losses.

Bitcoin (BTC) surged over the $8,700 hurdle point and the 23.6 percent Fibonacci retracement level of the previous swing from the high of $9,281 to the low of $8,512. On the upside, there are several hurdle points forming close to the $9k and $9,200 marks. More importantly, there is a formation of a bearish flag with support close to the $8,735 mark on the hourly chart of the BTC/USD trading pair.

Bitcoin (BTC) Price Today – BTC / USD

NamePrice24H %
bitcoin
Bitcoin(BTC)
$0.00-0.15%

The digital currency is currently struggling close to the 50 percent Fibonacci retracement level of the previous swing from the high of $9,281 to the low of $8,512. The first major hurdle point is close to the flag resistance at $9k. If the bulls amass enough momentum to push the price of the digital currency over the $9k level, the next crucial breakout level is visible close to the $9,200 mark and the 100 hourly simple moving average.

Hence, the price of the digital currency needs to break over the $9k and $9,200 marks to start a fresh rally in the coming trading sessions. Bitcoin (BTC) is currently in the green, and it needs a little more traction to push prices towards the $9k level.

Will Bitcoin’s Bulls Hold Gains?

If Bitcoin (BTC) fails to break over the $9k and $9,200 hurdle points, chances are it would resume its downtrend. If that happens, the immediate support of the digital currency is close to the $8,735 mark. A break below that level could pave the way for more losses towards the $8,700 and $8,600 mark. If that happens also, then Bitcoin (BTC) might plunge below the swing low of $8,512.

Below that level the next major support and buy zone is close to the $8,200 mark. In the mid-term, the price of Bitcoin is likely to bounce back provided there is not daily close beneath the $8k level.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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