- Bitcoin starts a downward correction after a failed attempt to break over $11,400
- BTC formed a new intraday high close to the $11,349
- Bitcoin is more likely to surge higher than correct lower.
Bitcoin News Today – After recording gains of about $2,000 in two days, the world’s most dominant digital currency seems to be facing a stiff hurdle on the upside. Bitcoin is having a hard time staying over the $11,200 mark against the US dollar. The digital currency is currently correcting lower and it is at risk of plunging towards the $10,700 support level.
Bitcoin Struggles to Hold Gains over $11,200
Bitcoin recently made another attempt to break over the $11,400 hurdle point against the USD, but it failed. The digital currency failed to hold gains over the $11,200 mark and it started correcting lower after forming an intraday high close to the $11,349 mark. The price of Bitcoin is currently correcting below the $11,200 level, but it remains well bid over the 100 hourly simple moving average.
On its way down, the digital currency broke below a major bullish trendline with support close to the $11,150 mark on the one-hour chart of the BTC/USD trading pair. Bitcoin is now heading towards the $10,950 support mark. It is near the 50 percent Fibonacci retracement level of the previous swing from the low of $10,581 to the high of $11,349.
Bitcoin (BTC) Price Today – BTC / USD
On the downside, the first key support for the digital currency is close to the $10,850 mark. Below that level, the next major support is close to the $10,700 mark. An immediate support might be the 76.4 percent Fibonacci retracement level of the previous swing from the low of $10,581 to the high of $11,349 at $10,760.
If the bulls fail to prevent further losses towards the $10,700 support mark, the price of the digital currency could test the 100 hourly simple moving average. A break below that level could push the price of Bitcoin towards the key $10,300 support level.
Bitcoin Is Likely to Resume Its Upward Move
It is obvious that Bitcoin is finding it difficult to break over the $11,200 and $11,400 hurdle points. It is also possible that the current formation could be a consolidation phase over $10,700 and $10,300. Provided the price of the digital currency remains over the $10,700 and $10,300 support levels, the digital currency is likely to resume its upward movement.
However, if the bulls are not able to hold gains over those levels, the price of the digital currency might plunge towards the $10k support mark. Nevertheless, there are several bullish sentiments around Bitcoin and the digital currency is more likely to surge higher than to return to the $10k support level.