- Bitcoin starts a fresh rally with an eye on $9,500
- BTC set to test a new monthly high
- Bitcoin (BTC) finds strong support on the downside
Bitcoin News Today – Bitcoin (BTC) recently surged as high as $9,377 before it started correcting downwards against the US dollar. The digital currency has found support at the $9,200 range and it could continue its upward movement gradually. Bitcoin and the majority of altcoins are currently in the green, and more upside move is expected.
Bitcoin Is Poised to Test New Monthly Highs over $9,400
Yesterday, there was a nice upward move in the price of BTC over the $9,200 hurdle point against the USD. The digital currency even broke over the $9,300 mark and the 100 hourly simple moving average. Bitcoin formed a high close to $9,377 before it started correcting lower. The price of the digital currency plunged below the $9,320 and $9,300 support marks.
Nevertheless, the digital currency remained well bid over the $9,200 mark and the 100 hourly simple moving average. Bitcoin formed a low close to $9,205 and it is currently on the rise. It broke over the 23.6 percent Fibonacci retracement level of the previous swing from the high of $9,377 to the low of $9,205.
Bitcoin (BTC) Price Today – BTC / USD
On the upside, the immediate hurdle for the digital currency is close to the $9,300 mark. The 50 percent Fibonacci retracement level of the previous swing from the high of $9,377 to the low of $9,205 is also acting as resistance. It seems like there is a formation of a major bullish trendline with support close to the $9,250 mark on the hourly chart of the BTC/USD trading pair.
If the bulls are able to push the price of the digital currency over the $9,300 and $9,320 marks, it could break over the high of $9,377 and target a new monthly high. Over that level, the next key hurdle is close to $9,400, over which the bulls are likely to target the $9,500 mark in the near term.
Bitcoin Finds New Support on the Downside
On the downside, the trendline support is a key buy zone, and the $9,200 support mark is next. If the bears succeed in pushing the price of the digital currency below the $9,200 mark, chances are it could test the 100 hourly simple moving average. Below the $9,200 mark, the next support is at the $9,150 mark.
If the digital currency breaks below the 100 hourly simple moving average or the $9,150 mark, it could pave the way for more downward movements towards the $9k support mark in the near term. However, the digital currency is currently in the green, and chances are it might continue to surge higher.