Bitcoin News Today – Headlines for May 8

Bitcoin Trading
  • Bitcoin successfully breaks over the $10,000 area
  • BTC is poised for more gains in the near term before halving
  • Bitcoin might correct a few points lower before starting the next bull rally

Bitcoin News Today – The price of Bitcoin (BTC) is up by more than 7 percent and it recently broke over the $10k hurdle point against the USD. The digital currency is currently showing several bullish signs on the daily chart and it looks poised to break over the $10,500 mark soon.

Bitcoin Amasses Traction and Breaks Over the $10k Mark

We recently talked about the chances of Bitcoin surging higher, leaving the majority of altcoins behind. Bitcoin has managed to break over several key hurdle points over the past day. The digital currency broke over the resistances close to the $9,400 and $9,500 marks to begin a sharp upside rally. This all began when the bulls managed to push the price of the digital currency over the $7,800 hurdle point and the 100-day simple moving average.

That move paved the way for more upside moves over the major $8k hurdle point. The digital currency also broke over a central bearish trendline with a hurdle close to $7,800 on the daily chart of the BTC/USD trading pair. The digital currency recently consolidated close to the $9k hurdle point and the 61.8 percent Fibonacci retracement level of the previous swing from the high of $10,497 to the low of $3,892.

Bitcoin (BTC) Price Today – BTC / USD

NamePrice24H %
bitcoin
Bitcoin(BTC)
$46,390.00
-8.39%

The bulls amassed traction and pushed the price of the digital currency over the $9k and $9,500 hurdle points. The price of the digital currency surged over the $10k mark and it is currently trading over the 76.4 percent Fibonacci retracement level of the previous swing from the high of $10,497 to the low of $3,892. The digital currency looks poised for more gains towards the swing high of $10,500 it formed in February this year.

A break over that level could push the price of digital currency towards the $11k and $11,200 hurdle points in the near term.

Bitcoin Might Correct a Few Points before the Next Rally

In the near term, the price of the world’s largest digital currency might correct lower a bit before it could start the next upside move. On the downside, the immediate hurdle for the digital currency is close to the $9,500 mark, which is the recent breakout point. However, the major support for the digital currency is close to the $9,200 mark, where the bulls are likely to show up.

If the bulls fail to prevent further losses below that level, the digital currency might plunge towards the $8k support or the 100-day simple moving average.

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.

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