- Bitcoin finds strong support and started a sharp recovery
- BTC breaks over the $9k mark to return to the positive zone
- Bitcoin needs to hold gains over the $9k mark to prevent further dips
Bitcoin News Today – After being trapped below the $9k level for some days, Bitcoin has managed to amass traction to break over its immediate hurdle. The digital currency avoided a major dip and recovered from the $8,680 support zone. Bitcoin is currently trading over the $9,000 mark, but it needs to break over $9,300 to continue its near term rally.
Bitcoin Gains Traction and Breaks over $9,000
The benchmark digital currency found strong support close to the $8,680 mark and recently started a nice recovery against the USD. The digital currency broke a few crucial hurdles close to $9k and moved into a near term positive territory. Moreover, the digital currency broke over the $9,100 mark and the 100 hourly simple moving average.
Bitcoin (BTC) Price Today – BTC / USD
The price of the digital currency surged towards the $9,300 hurdle point and formed a high at $9,287. Bitcoin is presently consolidating gains and trading well over the $9,100 mark. The immediate support for the digital currency is close to the $9,145 mark. It represents the 23.6 percent Fibonacci retracement level of the previous swing from the low of $8,684 to the high of $9,287.
Moreover, there is a formation of a rising channel with support close to $9,100 on the one-hour chart of the BTC/USD trading pair. If the digital currency breaks below the channel support, it could plunge towards the $8,980 support region or the 100 hourly SMA. The 50 percent Fibonacci retracement level of the previous swing from the low of $8,684 to the high of $9,287 might also act as support close to the $8,985 mark.
Bitcoin Needs to Settle over $9,300 to Prevent Immediate Dips
On the upside, the major hurdle of the digital currency is close to the $9,300 and $9,330 marks, the previous breakdown points. If the digital currency successfully breaks over the $9,300 mark, the next stop for the digital currency could be the $9,500 and $9,550 marks. A successful break over those levels could pave the way for more gains towards the $10,000 hurdle point, which has been the major hurdle point for the digital currency over the past month.
On the downside, if Bitcoin breaks below the $8,980 support level, it could result in its downtrend. Below that level, the next support is close to the $8,825 and $8,800 marks. However, the major support for the digital currency is close to the $8,680 mark. Any decline below that level might send the price of the digital currency towards the $8,400 and $8,200 support zone.