- Bitcoin starts sharp recovery after plunging towards the $8,800 support
- BTC faces new hurdles after breaking over $9,000
- Bitcoin needs to break over the $9,400 hurdle point to return to the positive zone
Bitcoin News Today – Bitcoin has been having a pretty tough time over the past few weeks. The digital currency started a downward correction from the high of $9,945 against the USD. Bitcoin continued its downward correction and plunged to the $8,800 support zone. The digital currency is currently consolidating higher but the movement is pretty slow.
Bitcoin Recovers from Major Supports
This past week, the world’s most dominant digital currency formed a major near term top just below the $10k mark against the USD. The price of the digital currency surged to the high of $9,945 before it started a heavy downtrend. There was a sharp decline below the $9,500 and $9,250 support marks.
The price of Bitcoin (BTC) plunged below the $9k support and settled below the 100 simple moving average. It even plunged towards the $8,800 support mark and formed a low at $8,806. The price of the digital currency is currently consolidating higher and it is currently trading over the $9k mark.
Bitcoin (BTC) Price Today – BTC / USD
It broke over the 23.6 percent Fibonacci retracement level of the previous swing from the high of $9,945 to the low of $8,806. On the upside, there is a formation of a key hurdle close to the $9,400 mark and the 100 simple moving average. The 50 percent Fibonacci retracement level of the previous swing from the high of $9,945 to the low of $8,806 is also close to the $9,375 mark to stop the current uptrend.
There is also a formation of a key declining channel with a hurdle close to $9,560 on the 4-hour chart of the BTC/USD trading pair. If the price of the digital currency break over the $9,400 mark successfully, it could pave the way for more gains towards the next major hurdles at $9,500 and $9,560. For Bitcoin to return to the positive zone, it needs to first break over the $9,400 mark and then settle over the channel resistance zone. Over that level, the next major hurdle is close to the $9,800 and $10k marks.
How Will the Bulls React to this Level?
If the digital currency fails to break over the $9,400 hurdle mark, the 100 SMA, and the $9,500 resistance, chances are it could start a fresh downtrend. If that happens, the price of the digital currency is likely to plunge below the $9k support. The major support for the digital currency is close to the $8,800 mark, below which the bears are likely to push prices towards the $8,400 mark.