- Bitcoin is back in the green after a failed attempt to break over $9,300
- BTC forms strong support around the $9,000 mark
- Bitcoin needs to break over the $9,200 and $9,300 hurdle points to start a strong increase
Bitcoin News Today – Bitcoin (BTC) is still hovering around the $9k support range against the USD. The digital currency is currently heading towards a critical juncture and it could plunge below the $9k mark or surge over the $9,200 mark.
Bitcoin Is Heading Towards a Critical Juncture
This past week, the world’s largest digital currency by market cap made another attempt to amass momentum over the $9,300 hurdle point against the USD, but it failed. Bitcoin plunged a bit and fell below the $9,200 support mark and the 100 simple moving average. The digital currency even plunged below the $9k support mark and plunged to a low of $8,933.
Recently, the digital currency started a fresh move over the $9k mark and it seems like it is forming a nice support base over the $9k level. There was also a break over the 50 percent Fibonacci retracement level of the previous swing from the high of $9,300 to the low of $9,833. The price of the digital currency is now encountering a key hurdle close to the $9,150 and $9,200 marks.
Bitcoin (BTC) Price Today – BTC / USD
There is also a formation of a key bearish trendline with a hurdle close to the $9,140 on the 4-hour chart of the BTC/USD trading pair. The trendline is near the 61.8 percent Fibonacci retracement level of the previous swing from the high of $9,300 to the low of $8,933. Over that trendline, the 100 simple moving average is close to the $9,220 hurdle point.
However, the major hurdle for the digital currency is close to the $9,300 mark. Hence, the digital currency needs to break over the $9,200 and $9,300 hurdle points to start a strong increase in the short-term. A successful break over those levels might pave the way for more gains towards the $9,500 and $9,600 hurdle points.
Can Bitcoin Bulls Prevent a Break Below $9k?
As earlier mentioned, Bitcoin (BTC) is currently heading towards a crucial juncture, and it could either break higher or plunge lower. If the digital currency struggles to break over the $9,200 and $9,300 hurdle points, chances it could start a sharp downtrend. On the downside, the first key support for the digital currency is close to the $9k mark and the connecting bullish trendline on the same chart.
If the bears succeed in pushing the price of the digital currency below the $9k support mark, it could ignite a sustained downward movement below the $8,800 mark in the coming sessions. Below that level, the next key support for the digital currency is close to the $8,500 mark.