Bitcoin News Today – Headlines for July 19

bitcoin price
  • 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

NamePrice24H %
bitcoin
Bitcoin(BTC)
$44,079.004.15%

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.

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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