- Bitcoin breaks below a key support level
- BTC formed a new monthly low and starts a sharp recovery
- Bitcoin needs to break over $9,300 to return to the bullish zone
Bitcoin News Today – Bitcoin recently started a sharp downtrend after it plunged below the $9,500 support level against the USD. The world’s largest digital currency by market cap is currently changing hands around the $9k zone and chances are it might plunge towards the $8,800 support level.
Bitcoin Breaks Below Key Support as Crypto Market Turn Bearish
This past week, the benchmark digital currency started a major downtrend after it broke below the key $9,500 support level against the USD. The digital currency amassed bearish traction and plunged below the $9,300 support mark and the 100 simple moving average. This move paved the way for more losses and the price of the digital currency plunged below the $9k support mark.
Bitcoin formed a new monthly lo close to the $8,813 mark and the price of the digital currency is currently correcting higher. On the upside, the immediate hurdle for the digital currency is close to the $9k and $9,040 levels. The 23.6 percent Fibonacci retracement level of the previous swing from the high of $9,778 to the low of $8,813 is close to the $9,040 mark.
Bitcoin (BTC) Price Today – BTC / USD
More importantly, there is a formation of a critical bearish trendline with a hurdle close to the $9,100 mark on the 4-hour chart of the BTC/USD trading pair. If the price of the digital currency breaks the hurdle of the trendline, it could continue surging higher towards the major $9,300 hurdle point. The 100 simple moving average is also waiting close to the $9,300 hurdle point.
Hence, chances are the bulls might face several hurdles close to the $9,100 and $9,300 marks. For Bitcoin to return to the positive zone, it needs to settle over $9,300 and the 100 simple moving average.
Can Bitcoin Bulls Prevent Further Losses?
Bitcoin is currently at a critical position. Almost all the top digital currencies in the market are deep in the red, with Bitcoin losing about 3 percent of its value over the past twenty-four hours. Its hard forks, Bitcoin Cash (BCH) and Bitcoin SV are even down by 5 percent and 8 percent respectively. Bitcoin is currently struggling around the $9k mark, and if it fails to break over the $9,100 and $9,300 hurdle points, chances are it might incur more losses.
The immediate support for the digital currency is close to the $8,813 and $8,800 marks. If the digital currency breaks below the $8,800 support mark, it could pave the way for more downside movements. If that happens, the bears are likely to push the price of the digital currency towards the $8,500 mark in the near term.