- Bitcoin (BTC) amasses more bullish traction
- BTC forms a new monthly high close to $12,084
- Bitcoin finds strong support, and it is more likely to test new highs in the near term
Bitcoin News today – Bitcoin is amassing more bullish traction and just broke over the $12k level against the USD. The digital currency is currently showing some positive signs and chances are it might continue its upside move towards the $12,400 mark in the near term.
Bitcoin Is Set to Test New Highs
In the past couple of trading sessions, the price of Bitcoin started a fresh increase from the $11,500 support zone against the USD. The digital currency amassed more traction and broke over a few crucial hurdles close to the $11,800 mark. As a result, the bulls amassed more strength, pushed the price of the digital currency over the $12k hurdle point, and settled well over the 100 hourly simple moving average.
During the upside move, there was a break over a declining near term channel with a hurdle close to $11,665 on the hourly chart of the BTC/USD trading pair. Bitcoin formed a new monthly high close to $12,084 and the price of the digital currency is currently consolidating gains.
Bitcoin (BTC) Price Today – BTC / USD
On the downside, the immediate support for the digital currency is close to the $12k mark. It is close to the 23.6 percent Fibonacci retracement level of the previous swing from a low of $11,536 to a high of $12,084. However, the major support for the digital currency is close to the $11,900 and $11,800 marks, which were its previous hurdle points.
It is close to the 50 percent Fibonacci retracement level of the previous swing from a low of $11,536 to a high of $12,084. On the upside, the immediate hurdle for the digital currency is close to the $12,050 and $12,100 levels. A successful break over those levels would pave the way for more upside move towards the $12,400 and $12,500 hurdle points in the near term.
Will Bitcoin Bulls Allow for Short-Term Corrections?
Bitcoin’s growth has slowed down a bit, at the time of writing this article. However, the digital currency is still deep in the green and it is more likely to surge higher in the near term. However, if the digital currency corrects downwards, the bulls are likely to prevent further downtrends below the $11,900 mark.
The first major support for the digital currency is close to the $11,800 mark, below which the bears might push prices downwards. If the bears succeed in pushing the price of the digital currency below the $11,800 mark, Bitcoin might continue lower towards the $11,700 mark and the 100 hourly simple moving average, where the bulls are more likely to show up and take a stand.