Bitcoin News Today – Headlines for May 31

  • Bitcoin (BTC) holds strong at $9,500
  • BTC continues to show positives signs over $9,500
  • Bitcoin is in a bullish zone but still trapped below the $10k mark

Bitcoin News Today – Bitcoin bulls have been able to hold gains and prevent further downtrends, and the digital currency has been trading in the green over the past day. The price of Bitcoin is up by more than 2 percent today, and it is trading over the $9,500 support mark. Bitcoin seems to be in a bullish state at the moment and a little push could send its price over the $9,800 and $10k hurdle points.

Bitcoin Remains in the Positive Zone

Bitcoin started a sharp uptrend this past week and broke over the $9,300 hurdle point. The price of the digital currency traded with a positive bias and settled over the $9,300 mark and the 100 simple moving average (4-hours). The digital currency saw a slight downward correction from the $9,600 mark, but the $9,300 mark came to the rescue and acted as support.

Bitcoin maintained stability and traded over the 61.8 percent Fibonacci retracement level of the previous swing from the high of $9,943 to the low of $8,650. Besides, there was a break over a major bearish trendline with a hurdle close to the $9,570 mark on the 4-hour chart of the BTC/USD trading pair.

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$9,078.39
-0.16%

The digital currency is now trading well over the 76.4 percent Fibonacci retracement level of the previous swing from the high of $9,943 to the low of $8,650. It appears that Bitcoin might continue surging higher towards the $9,750 and $9,800 marks.

On the upside, the first major hurdle of the digital currency is close to the $9,950 and $10k marks. Over those levels, the next major resistance 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 and $11,500 marks.

How Long Can Bitcoin Support Hold?

In the near term, the price of the digital currency might plunge below the $9,600 mark. The immediate support for the digital currency is close to the $9,580 mark. However, the first major support is close to the $9,430 mark and a connecting bullish trendline on the same chart. The next major support is forming close to the $9,300 level and the 100 simple moving average.

The bulls have a lot of work to do at this level, as further declines might send Bitcoin back to its previously trapped levels below the $9k mark. If Bitcoin plunges below that level, it might revisit the $9k and $8,800 support zones.

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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