- Bitcoin finds strong support in the positive zone
- Bitcoin makes another attempt to break over the $8k mark
- A break over the $8k mark could ignite a pre-halving rally
Bitcoin News Today – Bitcoin has been showing some bullish signs over the past few days, and the digital currency has been in the positive zone. The digital currency recently broke over the major $7,500 and $7,700 hurdle points. However, the $7,800 mark acted as strong hurdle for some days, and it rejected Bitcoin several times. Interestingly, Bitcoin just broke over that level and it could start a pre-halving rally if it breaks over the $8k hurdle point and the 100-day simple moving average.
A Break over $8,000 Could Start a Pre-Halving Rally
After forming a key swing low, BTC started surging gradually and broke over the $6,500 and $7,500 hurdle points against the USD. The price of the digital currency even settled over the $7,500 pivot area to move into a bullish zone. During the upsurge, Bitcoin broke over the 50 percent Fibonacci retracement level of the previous swing from the high of $10,497 to the low of $3,930.
The current price action of the digital currency is positive over the $7,800 mark but is still facing a stiff hurdle on the upside at the $8k mark. The 100-day SMA is positioned close to the $8k mark to prevent further upside movements. The 61.8 percent Fibonacci retracement level of the previous swing from the high of $10,497 to the low of $3,930 is also near the $7,980 mark.
Bitcoin (BTC) Price Today – BTC / USD
More importantly, there is a formation of a connecting hurdle at the $8k mark on the daily chart of the BTC/USD trading pair. As such, a break over the $8k mark and the 100-day simple moving average could pave the way for a pre-halving rally in the coming days. Over that level, the next major hurdle is close to the $8,280 mark, over which the bulls are likely to push the price of the digital currency over the $9k and $9,200 marks in the mid-term.
Bitcoin Faces another Rejection on the Upside
The $8k mark is now acting as the major hurdle of the digital currency. If the digital currency fails to break over the $8k hurdle point and the 100-day simple moving average, it might start a downtrend. If that happens, the immediate support for Bitcoin (BTC) is close to the $7,500 mark. However, its major support is close to the $7,200 mark.
If the bulls push the price of the digital currency below that level, it could ignite a fresh bearish wave. If that happens, then the next stop for Bitcoin could be at the $6k mark.
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.