- Bitcoin is at risk of plunging to $8k after breaking a key technical pattern
- BTC faces strong hurdle points on the upside
- Bitcoin needs to break over $9,200 to start a fresh rally
Bitcoin News Today – Bitcoin (BTC) has been in the bullish zone over the past few days. The world’s largest digital currency by market cap recently amassed some traction and broke over a key hurdle point. However, the digital currency is currently struggling to amass bullish traction over the $9,200 mark against the USD. Bitcoin is currently correcting lower and it might plunge towards the $8,400 support zone.
Bitcoin Is Encountering Strong Hurdles on the Upside
After a sharp downward correction, BTC found support over the $8,400 mark. The price of the digital currency recovered nicely over the $8,800 and $9k hurdles points. However, it is currently facing stiff hurdles close to the $9,200 mark. Bitcoin even formed a high close to the $9,201 mark before it started correcting lower.
It broke below the major bullish trendline with support close to the $8,980 mark on the one-hour to enter a bearish territory. The price of the digital currency even settled below the $8,900 mark and the 100 hourly simple moving average. Bitcoin formed a low close to the $8,629 mark and the digital currency is currently trying to break over its immediate hurdle.
Bitcoin (BTC) Price Today – BTC / USD
On the upside, the immediate hurdle of the digital currency is close to the $8,900 mark and the 100 hourly simple moving average. There is also a formation of a major bearish trendline with a hurdle close to the $8,900 on the same chart. The trendline is line with the 50 percent Fibonacci retracement level of the previous swing from the high of $9,201 to the low of $8,629.
If the digital currency successfully breaks over the trendline, the $9k hurdle, and the 100 hourly simple moving average, it could pave the way for more upside movement. However, the major hurdle for the digital currency is close to the $9,200 mark, over which the bulls are likely to push the price over the $9,500 hurdle point in the near term.
Can Bitcoin Bulls Prevent Further Downside Corrections?
If the bulls fail to hold gains, the price of Bitcoin might continue to plunge below the $8,700 mark. On the downside, the immediate support for the digital currency is close to the $8,600 mark. A break below that level could pave the way for more downside corrections towards the $8,400 support level.
If the bulls fail to show up and push prices higher, Bitcoin (BTC) might correct further towards the $8,200 mark or the $8k hurdle point in the near term. However, Bitcoin is still in a bullish zone due to the forthcoming Bitcoin halving, and the digital currency is more likely to recover higher.