- Bitcoin is back in the green but faces a stiff hurdle
- BTC needs to break over the $9,200 mark to start a strong rally
- Bitcoin bulls need to push prices over its immediate hurdle to prevent a fresh downtrend
Bitcoin News Today – After finding its way back into the positive zone, Bitcoin has been having a hard time clearing the key $9,200 hurdle point against the USD. The digital currency might start a fresh rally if it succeeds in breaking over the $9,200 hurdle point and the 100 simple moving average (4-hour).
Bitcoin Faces Stiff Hurdle
This past week, the world’s most dominant digital currency plunged below the $9,200 support mark against the USD. The digital currency even plunged below the $9,050 mark and settled below the 100 simple moving average (H4). Bitcoin formed a low close to the $9,022 mark before it started correcting higher. On its way up, it broke over $9,100 and $9,120 marks.
There was a break over the 23.6 percent Fibonacci retracement level of the previous swing from the high of $9,358 to the low of $9,022. Nevertheless, the digital currency is now encountering a stiff hurdle close to the $9,200 mark and the 100 simple moving average (H4). There is a formation of a key breakout pattern with a hurdle close to $9,200 on the 4-hour chart of the BTC/USD trading pair.
Bitcoin (BTC) Price Today – BTC / USD
The triangle hurdle is near the 50 percent Fibonacci retracement level of the previous swing from the high of $9,358 to the low of $9,022. A successful break over the $9,200 mark and the 100 simple moving average is needed for the digital currency to start a fresh, strong rally in the coming days.
On the upside, the next key hurdle over the $9,200 mark is close to the $9,300 level. A break over that level is likely to pave the way for more gains towards the $9,500 and $9,550 hurdle points. For this to happen, the bulls need to show up and prevent further downtrends below the $9,100 support range.
What If the Bulls Fail to Show Up?
If the bulls do not show up and push the price of the digital currency over the $9,200 mark and the 100 simple moving average, chances are it could start another downward movement in the near term. On the downside, the immediate support is close to the $9,100 mark while the triangle support is close to the $9,040 mark.
However, the major support zone for the digital currency is close to the $9k and $8,950 marks, below which the bears are likely to push the price of the digital currency towards the $8,650 and $8,500 support marks. Bitcoin has not plunged towards that level in more than two months, and it has not posted any major upside or downside move within that timeframe.