- Bitcoin finds strong support after a sharp decline below $11,500
- Bitcoin needs to break over $11,650 to start a fresh rally
- Can Bitcoin bulls continue to hold the $11,120 support?
Bitcoin News Today – After a sharp downward correction, Bitcoin found strong support close to $11,120 and began an upside move against the US dollar. Nevertheless, the digital currency needs to break over $11,650 and the 100 hourly simple moving average to start a fresh rally.
Bitcoin’s Previous Support Turns Hurdle
Recently, there was a sharp decline in the price of Bitcoin (BTC) below the $11,500 support mark against the USD. The price of the digital currency even plunged below the $11,200 support mark and settled below the 100 hourly simple moving average. Bitcoin formed a swing low close to $11,130 before it started correcting higher gradually.
The digital currency recovered over the $11,200 and $11,400 hurdle points. There was also a break over the 23.6 percent Fibonacci retracement level of the previous swing from the high of $12,084 to the low of $11,130. The digital currency even surged over the $11,500 pivot mark, but it is currently facing a strong hurdle close to $11,650.
Bitcoin (BTC) Price Today – BTC / USD
There is also a formation of a key bearish trendline with a hurdle close to $11,650 on the hourly chart of the BTC/USD trading pair. The trendline is near the 100 hourly simple moving average, which is preventing further gains over the $11,650 mark.
The digital currency is currently struggling to close over the 50 percent Fibonacci retracement level of the previous swing from the high of $12,084 to the low of $11,130. If the digital currency successfully breaks over that trendline, the $11,650 mark, and the 100 hourly simple moving average, chances are it could start a strong rally. On the upside, the next major hurdle for the digital currency is close to the $11,800 mark, over which the bulls are likely to push the price of the digital currency over the $12k and $12,050 hurdle points.
Bitcoin Finds News Support – Can the Bulls Hold It?
Bitcoin seems to have found strong support on the downside, but how long can the bulls hold on it? If the digital currency failed to break over the trendline, the $11,650 mark, and the 100 hourly simple moving average, chances are it could start a fresh downward move in the near term. On the downside, the immediate support for the digital currency is close to the $11,400 mark. Nevertheless, the key support is close to the $11,120 mark, below which the bears are likely to push prices towards the $11k support. If that happens, chances are Bitcoin might test the $10,500 support level.
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.