- Bitcoin gains traction and surges by 10 percent
- BTC just broke over the key $6,400 resistance
- Bitcoin is likely to surge higher if it clears the $6,650 hurdle point
Bitcoin News Today – Bitcoin (BTC) just experienced a sharp increase that pushed its price over the major $6,400 hurdle point, pushing BTC to USD price by more than 10 percent. The price of the digital currency is currently heading towards the $6,650 hurdle point, over which it could find its way over the $7k mark.
Bitcoin Breaks over the Major $6,400 Hurdle Point
After forming nice support close to the $5,800 mark, BTC started a fresh rally against the U.S. dollar. The price of the digital currency stayed well bid and it recently broke over the $6k hurdle point. The increase in the price of the digital currency was convincing as the major contracting triangle of yesterday was breached with a hurdle close to $6k on the one-hour chart of the BTC/USD trading pair.
The digital currency even broke over the $6,400 hurdle point and the 100 hourly simple moving average. There was also a successful break over the 76.4 Fibonacci retracement level of the previous swing from the high of $6,471 to the low of $5,694. This paved the way for more gains towards the $6,500 hurdle and the swing high of $6,471.
Bitcoin (BTC) Price Today – BTC / USD
The world’s largest digital currency by market cap tested the 1.236 Fibonacci extension level of the previous plunge from the high of $6,471 to the low of $5,694. It appears the bears are defending the major Fibonacci extension hurdle close to $6,650. If the digital currency successfully breaks over the $6,650 hurdle point, the price of the digital currency could continue the upsurge towards the $6,952 and $7,000 hurdle points.
If the bulls manage to push prices over those hurdle points, then the next stop for the digital currency could be the $7,500 mark or above. At the time of writing, Bitcoin is trading around the $6,580 mark, with its immediate hurdle close to the $6,650.
Can Bulls Hold Gains Over the $6,450 Mark?
If the bulls fail to push the price of the digital currency over the $6,650 hurdle point, it could start a fresh downtrend. The immediate support for the digital currency is close to the $6,450 mark. However, the first major support is close to the $6,200 mark and the 100 hourly simple moving average.
If BTC continues its downtrend and breaks below the 100 hourly simple moving average, it could pave the way for more downtrends towards the $6,085 mark. Any further declines below that level could push the price of the digital currency towards the $6k and $5,800 support marks in the near term.