- Bitcoin made several upside attempts but failed
- BTC faces stiff hurdles on the upside
- Bitcoin is showing some early signs of a rally, but it needs to break over its hurdle first
Bitcoin News Today – Bitcoin (BTC) has been showing some positive signs over the past day, with an increase of more than 1 percent. The digital currency is likely forming a near term bottom close to the $8,400 mark against the US dollar. Nevertheless, the price of Bitcoin (BTC) must break over the 100 hourly simple moving average and the $8,800 mark to start a fresh rally.
Bitcoin Faces Strong Hurdle on the Upside
This past week, the price of Bitcoin (BTC) plunged gradually below the $9k support level against the US dollar. The digital currency made several attempts to bounce back, but the bulls failed and it settled below the 100 hourly simple moving average. On the downside, it seems like the price of the digital currency is finding a significant buying interest close to the $8,500 and $8,400 marks. The digital currency recently formed a new low close to $8,403 and it is currently correcting higher.
Bitcoin (BTC) is currently trading over the $8,450 and $8,500 marks. More importantly, there was a break over the major bearish trendline with a hurdle close to the $8,575 mark on the one-hour chart of the BTC/USD trading pair. This has paved the way for more gains towards over the $8,600 mark.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin (BTC) is now trading close to the 50 percent Fibonacci retracement level of the previous swing from the high of $8,821 to the low of $8,403. On the upside, the immediate hurdle of the coin is close to the $8,660 mark and the 100 hourly simple moving average. The 61.8 percent Fibonacci retracement level of the previous swing from the high of $8,821 to the low of $8,660 to prevent gains.
If the price of the digital currency breaks over the $8,700 mark and the 100 hourly simple moving average, there are chances of a nice upside move. Over that level, the next major hurdle is close to the $8,800 zone, above which the bulls are likely to take control. If the bulls take over at that point, the price of the digital currency is likely to recover over the $9k or even the $9,200 mark in the coming sessions.
Can the Bulls Continue to Prevent Losses towards the $8k Zone?
If the price of Bitcoin (BTC) fails to break over the $8,700 or the 100 hourly simple moving average, there is a risk of another bearish move. On the downside, Bitcoin has two major support levels – $8,500 and $8,400. A break below those levels might send prices towards the $8,200 and $8,000 zone. Nevertheless, the bulls are more likely to show up before that happens.