- Bitcoin hits a new monthly high of $9,748
- BTC is in the bullish zone with an eye on $10k
- Bitcoin’s previous resistance level turns its new support level
Bitcoin News Today – The past couple of days have been favorable to Bitcoin and the majority of coins in the market. Bitcoin has been amassing some bullish tractions over the $9,500 and $9,600 hurdle points against the USD. If Bitcoin continues in this pattern, it might break over $10k soon provided it stays over the $9,500 support.
Bitcoin Is Gaining Bullish Momentum with an Eye on $10k
This past week, the price of Ethereum (ETH) is up by more than 10 percent, dragging Bitcoin (BTC) over the $9,500 mark against the USD. The bulls eventually showed up and pushed the price of Bitcoin over the $9,650 hurdle point and it settled well over the 100 simple moving average (H4). Bitcoin tested a new monthly high of $9,748 and it is currently correcting lower.
The price of the digital currency plunged below the $9,700 mark, including the 23.6 percent Fibonacci retracement level of the previous swing from the low of $9,525 to the high of $9,784. On the downside, there is a formation of strong support close to the $9,650 mark. There is also a formation of a crucial bullish trendline with support close to the $9,650 on the 4-hour chart of the BTC/USD trading pair.
Bitcoin (BTC) Price Today – BTC / USD
The trendline is close to the 50 percent Fibonacci retracement level of the previous swing from the low of $9,525 to the high of $9,784. On the upside, the price of the digital currency is encountering a few string resistances close to the $9,750 mark.
If Bitcoin successfully breaks over the $9,750 and $9,800 hurdle points, it could continue to surge higher and test new highs. The next key resistance for the digital currency is close to the $10k and $10,200 marks. A break over those levels would pave the way for more gains towards the $10,500 and $11k marks. The digital currency seems to be in a bullish zone, with several bullish factors surrounding it. Chances are Bitcoin is likely to surge higher rather than break lower. Nevertheless, anything can still happen?
Bitcoin’s Hurdle Turns Support
If BTC fails to hold gains over the key $9,650 support level, chances are it could correct lower. On the downside, the key support for the digital currency is close to the $9,500 pivot level, which was its previous key hurdle. A break below that level might ignite a strong decline. If that happens, the price of the digital currency might correct towards the $9,300 mark, which is its next major support zone.