- Bitcoin faces stiff hurdle at the $7k range
- BTC finds strong support on the downside
- Bitcoin needs to hold gains over the $6,400 mark to start a fresh rally in the near term
Bitcoin News Today – After the sharp increase that pushed the price of the digital currency over the $6,800 mark, Bitcoin has been having a hard time breaking over the $7k hurdle point. The price of the digital currency is likely to rise over the $7k mark provided it remains over the $7,400 and the 100 simple moving average.
Bitcoin Finds Strong Support
The past week has been somewhat favorable to Bitcoin, as it managed to break over the $6,400 and $6,500 hurdle points. The price of the digital currency surged over the $7k hurdle point and settled nicely over the 100 simple moving average. Bitcoin traded as high as $7,273 before it started its downward correction.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin (BTC) settled below the $7k mark to start the correction. Moreover, there was a spike below the 50 percent Fibonacci retracement level of the previous swing from the low of $6,150 to the high of $7,273. The price of the digital currency tested the $6,600 support mark and it is presently consolidating in a range. It seems like the 61.8 percent Fibonacci retracement level of the previous swing from the low of $6,150 to the high of $7,273 is acting as a support.
There is also a formation of a bullish trendline with support close to the $6,425 on the 4-hours chart of the BTC/USD trading pair. Also, the 100 simple moving average is close to the trendline and the $6,400 support. If the digital currency fails to hold gains over the $6,400 support mark and the 100 simple moving average, there is a risk of a heavy decline.
Below that level, the next major support is close to the $6k mark. If Bitcoin (BTC) plunges below the $6k mark, the digital currency could test the $5,800 support mark.
Can Bitcoin Bulls Protect $6,400?
Bitcoin (BTC) bulls need to hold gains over the $6,400 support and the 100 simple moving average for another rally in the short-term. On the upside, the immediate resistance of the digital currency is close to the $7k mark. A clear break over the $7k hurdle point could ignite a sharp rally over the $7,200 and $7,270 marks.
Over that level, the next major hurdle of the digital currency is close to the $7,500 mark. A successful break over that level could pave the way for more gains towards the $7,800 and $8,000 marks. However, if the bulls fail to hold the $6,400 mark, it could crash towards the $5,800 support.