- Bitcoin tops out at $9,500
- BTC corrects lower with its major support at $8,400
- Bitcoin needs to break over $9k to start a fresh increase
Bitcoin News Today – Bitcoin recently experienced a massive upsurge that pushed its price over the $9k mark. The price of the digital currency surged to a high of $9,500 before it started correcting lower against the U.S. dollar. Bitcoin is now trading below the $9k mark and it might plunge further towards the $8,200 support area before it could start a fresh rally.
Bitcoin Might Correct to $8,200 before another Rally
Yesterday, Bitcoin experienced a major pre-halving rally over the $8k and $8,500 hurdle points against the USD. The digital currency amassed more traction and saw an increase of more than 20 percent. Bitcoin even surged higher and broke over the key target of $9,500. The digital currency formed a new monthly high close to the $9,498 mark before it started correcting lower.
On its way down, it broke below the $9,200 and $9k support marks. The digital currency even plunged below the $8,800 mark and tested the $8,400 support zone. It formed a new low close to the $8,405 mark and it is currently trading over the 23.6 percent Fibonacci retracement level of the previous swing from the high of $9,498 to the low of $8,405.
Bitcoin (BTC) Price Today – BTC / USD
On the upside, the immediate hurdle for the digital currency is close to the $8,800 mark. There is also a formation of a near term declining channel with a hurdle close to the $8,800 mark on the one-hour chart of the BTC/USD trading pair. Over that level, the next major hurdle is close to the $8,950 mark. It is close to the 50 percent Fibonacci retracement level of the previous swing from the high of $9,498 to the low of $8,405.
Bitcoin Bulls Needs to Break over $8,950 and $9k to Start a Fresh Rally
To start a fresh rally, Bitcoin bulls need to push prices over the channel resistance and break over the $8,950 hurdle point. A successful break over that level and the $9k hurdle point could pave the way for more gains towards the $9,200 and $9,500 hurdle points in the near term.
On the downside, the first key support for the digital currency is close to the $8,400 mark. Below that level, the next support is close to the $8,200 mark or the 100-hourly simple moving average. However, it appears that the price of the digital currency might plunge towards the $8,400 support or the 100 hourly simple moving average to complete the present bearish wave. The digital currency might likely start a fresh rally over $9k unless it breaks below the $8,200 mark.