- Bitcoin surged by more than 8 percent
- BTC starts a downward correction after failing to break over the $6,700 mark
- Bitcoin price might correct lower in the near term
Bitcoin News Today – Bitcoin (BTC) surged by more than 8 percent and it broke over the $6,500 hurdle point against the US dollar. The price of the digital currency is struggling to break over the $6,600 mark and it might correct lower in the near term.
Bitcoin Is At Risk of Downward Correction after Surging by 8 Percent
Bitcoin (BTC) recently broke below the $6,000 support mark. The digital currency later amassed traction and started an upside move. After it successfully broke over the $6k level, the price of BTC formed a support base against the US dollar. As a result, the price of the digital currency started a steady increase over the $6,200 hurdle point and the 100 hourly simple moving average.
Bitcoin (BTC) Price Today – BTC / USD
The digital currency amassed traction and surged over the $6,400 resistance. BTC’s price surged by more than 8 percent and it even cleared the $6,500 hurdle point. It formed a high close to the $6,641 mark and it has been struggling to hold gains over the $6,600 mark. The digital currency is currently correcting lower and it is trading below the $6,500 mark.
BTC broke below the 23.6 percent Fibonacci retracement level of the previous swing from the low of $5,846 to the high of $6,641. On the downside, the immediate support for the digital currency is close to the $6,400 mark. There is also a formation of a connecting bullish trendline with support close to the $6,420 mark on the one-hour chart of the BTC/USD trading pair.
Below that level, the bears can push the price of the digital currency towards the $6,300 mark and the 100 hourly simple moving average. The major support for the coin seems to be forming close to the $6,240 mark. It is near the 50 percent Fibonacci retracement level of the previous swing from the low of $5,846 to the high of $6,641.
If the price of Bitcoin plunges below the $6,300 and $6,240 marks, chances are it could start another bearish wave. If this happens, then the price of the digital currency is likely to return to the $6k zone.
Will Bitcoin Bulls Continue to Show Strength?
If Bitcoin (BTC) continues to hold gains over the $6,400 and $6,300 marks, it could pave the way for more gains towards the $6,600 hurdle point. A successful break over that hurdle point and a break over the $6,640 mark might spark a nice upwards move and push the price of the digital currency towards the $6,800 and $7,000 hurdle points.