- Bitcoin is back in the green, with an increase of 2 percent over the past day
- BTC is gradually gaining momentum
- Bitcoin needs to break over the major $9k hurdle to signal the return of the bulls
Bitcoin News Today – Bitcoin (BTC) has been trading below the $9k level over the past week. The digital currency has been correcting losses from the $8,400 mark against the US dollar. It seems like Bitcoin is likely to amass more gains over the $9k level in the coming sessions.
Bitcoin Is Gradually Gaining Momentum
After forming a near term bottom close to the $8,400 mark, the world’s largest digital currency by market cap started a nice recovery against the US dollar. The price of the digital currency surpassed a few major resistances close to $8,600, $8,620 and the 100 hourly simple moving average and entered into a positive zone. The digital currency started surging higher after it broke over a contracting triangle with a hurdle close to the $8,610 mark on the hourly chart of the BTC/USD trading pair.
The pair amassed more momentum and settled over the $8,700 mark and the 100 hourly simple moving average. The price of Bitcoin (BTC) is up by more than 2 percent, and it recently tested a swing high of $8,970 and a near term hurdle. The digital currency formed a high close to $8,967 and the price is presently correcting lower.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin (BTC) tested the 23.6 percent Fibonacci retracement level of the previous swing from the low of $8,397 to the high of $8,961. If the bulls fail to prevent further losses, the price of the digital currency could test the $8,700 support zone and the 100 hourly simple moving average. More importantly, the 50 percent Fibonacci retracement level of the previous swing from the low of $8,397 to the high of $8,961 is close to the $8,680 marks to act as support for the digital currency.
On the upside, the two immediate hurdle points of the digital currency are the $8,970 and $9k levels. A successful close over the $9k hurdle point is likely to pave the way for more gains towards the $9,200 hurdle point.
The Major Resistance of BTC Is at $9,000
The $9k hurdle point could play a key role in the next two to three trading sessions. If the bulls fail to amass gains and push prices over the $8,970 and $9k marks, chances are the digital currency might start a fresh decline. If that happens, the immediate support of the coin is close to the $8,680 mark, below which the digital currency could extend losses towards the $8,400 mark.
If the bulls fail to show up at that level, then the digital currency might continue its downtrend towards the crucial $8,200 support zone.