- Bitcoin is showing signs of a nice recovery
- Bitcoin is strongly supported near the $5k mark
- Major hurdles await Bitcoin around the $6k
Bitcoin News Today – The price of Bitcoin (BTC) has been relatively stable over the past couple of days. The digital currency is showing some signs of a nice recovery over the $5k mark against the U.S. dollar. The price of BTC could recover further towards the $6k hurdle point, where the bears are likely to show up and slow down the movement.
A Major Hurdle Awaits Bitcoin near $6,000
After a near term downward correction, the world’s largest digital currency by market cap found support close to the $4,350 mark against the U.S. dollar. The price of the digital currency recovered in the past couple of trading sessions and surged back over the $5k hurdle point. The recent upward correction was positive since it was able to break over the 50 percent Fibonacci retracement level of the previous swing from the high of $6k to the low of $4,333.
Bitcoin (BTC) Price Today – BTC / USD
The bulls were able to send prices over the $5,200 hurdle point and the 100 hourly simple moving average. The digital currency is now trading in a positive zone over the $5,200 mark. The immediate hurdle of the coin is close to the $5,600 mark. More importantly, there is a formation of a near term contracting triangle with a hurdle close to the $5,600 on the one-chart of the BTC/USD trading pair.
The triangle hurdle is near the 76.4 percent Fibonacci retracement level of the previous swing from the high of $6k to the low of $4,333. Hence, a successful break over the $5,600 hurdle point could pave the way for more gains towards the $6k mark. If the bulls continue to push prices over that level, it could amass more gains towards the $6,395 mark. This represents the 1.236 Fibonacci retracement level of the previous swing from the high of $6k to the low of $4,333.
Can BTC Bulls Continue to Hold Gains Over $5k?
Bitcoin (BTC) seems to be strongly supported close to the $5k mark. If BTC continues to hold gains over that level, it could start a sharp rally soon. However, it is likely to encounter resistance close to the $6k hurdle point. The bears might take a strong stand close to the $6k and $6,050 hurdle points. The major resistance is close to the $6,400 and $6,500 marks, over which the bulls are likely to take charge. However, if Bitcoin fails to break over the $6k and $6,500 marks, there are high possibilities of another heavy downtrend in the near term.