- There is a steady rise in the price of Bitcoin (BTC)
- Bitcoin’s attempt to break over the $10,000 resistance failed
- Bitcoin is more likely to continue its gradual uptrend
Bitcoin News Today – Bitcoin has been in the green over the past few days, and the digital currency has been surging higher gradually. It recently broke over the $9k mark again and surged as high as $9,950 before it started correcting downwards. The digital currency is now trading well over the $9k support level and it could continue surging higher in the near term.
Bitcoin Is Surging Gradually
There was a steady increase in the price of BTC over the $9,200 and $9,500 hurdle points against the US dollar. The digital currency continued its uptrend and broke over the $9,700 mark and the 100 hourly simple moving average. Bitcoin even traded near the $10k hurdle point. Nevertheless, the bulls lacked the momentum to push the price of the digital currency over the $9,950 and $10k hurdle points.
Bitcoin formed a close to the $9,950 mark and the price is currently correcting lower. The digital currency plunged below the $9,600 mark and the 23.6 percent Fibonacci retracement level of the previous swing from the low of $8,186 to the high of $9,950. The flagship digital currency even plunged below the $9,400 and $9,300 support marks.
Bitcoin (BTC) Price Today – BTC / USD
Nevertheless, the bulls showed up and prevent more losses below the $9,200 mark, which was its previous hurdle point. There is also a formation of a key bullish trendline with support close to the $9,210 mark on the one-hour chart of the BTC/USD trading pair. If the digital currency breaks below that level, it could continue its downtrend towards the $9,070 support mark since it is near the 100 hourly simple moving average.
The 50 percent Fibonacci retracement level of the previous swing from the low of $8,186 to the high of $9,950 is also close to the $9,070. Immediately this correction wave is complete, the price of the digital currency is likely to bounce back from $9,200 or $9,080 in the near term.
Can Bitcoin Bulls Prevent Further Downtrends?
Bitcoin might struggle to remain over the $9k support level if it settles below the trendline support and the $9,070 support mark. If the digital currency breaks below the $9k support mark, it may change the trend and the bears might take over. If that happens, the bears can push the price of the digital currency towards $8,400 or even $8,200 in the near term.
Nevertheless, this is less likely to happen in the near term, as there are many bullish sentiments around the coin, thanks to the recent Bitcoin halving.