- Bitcoin is back in the green with an increase of more than 5 percent
- Bitcoin (BTC) eyes the $10,000 hurdle point
- BTC needs to remain over the $9,500 mark to continues it upside move
Bitcoin News Today – Bitcoin seems to be back on track, as it is not gradually heading towards the $10k mark. The price of the digital currency is up by more than 5 percent over the past day, and it looks like the $10k hurdle point would be the next stop. The digital currency is more likely to break over that level in the near term expect it plunged below the $9,500 support level.
Bitcoin Is Headed for the $10k Hurdle Point
After a little downward correction, the world’s most dominant digital currency found support close to the $9,200 area against the USD. The price of the digital currency stayed well bid over the 100 hourly simple moving average and began a gradual increase from the $9,200 mark. On its way up, Bitcoin broke over the $9,400 and $9,500 hurdle points, and this paved the way for more upside moves in the near term.
The price of the digital currency surged higher and formed a high close to the $9,945 mark and it is currently trying to break over the $9,950 hurdle point. On the downside, the immediate support for the digital currency is close to the $9,850 mark. It is close to the 23.6 percent Fibonacci retracement of the previous swing from the low of $9,596 to the high of $9,945. However, the first major support for the digital currency is close to the $9,770 mark since it represents the 50 percent Fibonacci retracement level of the previous swing from the low of $9,596 to the high of $9,945.
Besides, there is a formation of a major bullish trendline with support close to the $9,720 on the one-hour chart of the BTC/USD trading pair. On the upside, the digital currency is encountering major resistance close to the $9,950 and $10k marks.
If the digital currency successfully breaks over those levels, it might experience more upside moves in the near term. Over that level, the next major hurdle for the digital currency is close to the $10,500 mark, over which the bulls are likely to push the price of the digital currency towards the $11,200 mark.
What Will Happen If Bitcoin Fails to Break $9,950?
If the bulls fail to push the price of Bitcoin over the $9,950 mark in the near term, there might be a bearish reaction. If that happens, the price of the digital currency might plunge towards the $9,500 support region. The 100 hourly simple moving average is also close to the $9,500 mark. Further declines below that level could push prices below $9,200 and $9k in the near term.