- Bitcoin finally breaks over the $9k level
- BTC bulls seems to be lacking momentum over the $9k level
- Bitcoin might correct lower again in the near term
Bitcoin News Today – Finally, Bitcoin (BTC) has managed to break over the $9k hurdle point against the US dollar. However, the digital currency seems like it lacks momentum over the $9k level. The price of Bitcoin (BTC) needs to remain over the $8,950 and $8,860 support marks to continue surging higher in the short-term.
Bitcoin Seems to Be Lacking Momentum over $9,000
After several unsuccessful attempts, BTC finally found its way over the $8,950 and $9,000 hurdle points against the US dollar. The price of the digital currency settled nicely over the $9k level and the 100 hourly simple moving average. The digital currency formed a new weekly high close to the $9,172 mark and the price is currently correcting lower.
The present technical structure suggests that the price of the digital currency is lacking momentum over the $9k level. It plunged below the 23.6 percent Fibonacci retracement level of the previous swing from the low of $8,670 to the high of $9,172. Nevertheless, the bulls do not need to worry right away as there as several strong supports on the downside close to the $9k and $8,950 marks.
Bitcoin (BTC) Price Today – BTC / USD
The first major support for the digital currency is close to the $8,950 mark, which was its recent hurdle point. Below that level, the next support is close to the $8,920 mark. It coincides with the 50 percent Fibonacci retracement level of the previous swing from the low of $8,670 to the high of $9,172. More importantly, there is a formation of a key bullish trendline with support close to the $8,860 mark on the one-hour chart of the BTC/USD trading pair.
If the price of Bitcoin (BTC) breaks below the $9k and $8,950 support marks, chances are, the digital currency will find a strong buying interest close to the trendline and the 100 hourly simple moving average.
On the upside, the immediate hurdle of the coin is close to the $9,100 mark. However, the first key resistance for the digital currency is close to the $9,200 mark, above which the bulls are likely to push the price of the digital currency towards the major $9,500 hurdle point.
How Long Can the Bulls Hold Gains over $9k
The trendline support close to the $8,860 mark and the 100 hourly simple moving average are of extreme importance for the current wave. If the price of the digital currency plunges below the trendline, there is a chance of a fresh bearish wave below the $8,800 mark. The major support below $8,800 is close to the $8,700 mark. A plunge below that level could send BTC’s price down to the $8,500 support zone.
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.