Bitcoin News Today – August 16, 2020

Bitcoin Trading
  • Bitcoin continues to trade in the bullish zone, recording more gains along with ETH and XRP
  • Bitcoin needs to break over $12,0505 to surge significantly higher soon
  • Bitcoin finds strong support on the downside

Bitcoin News Today – Bitcoin (BTC) is currently trading in a bullish zone over the $11,650 mark against the USD. The price of the digital currency is likely to surge significantly higher once it breaks over the major $12,050 hurdle point. Bitcoin is currently amassing more bullish traction and it might break over that level soon.

Bitcoin Needs to Break over the $12,050 Hurdle for More Upside Move

Over the past couple of days, the price action of the world’s most dominant digital currency has been positive. Ethereum (ETH), XRP (XRP), and Chainlink have also been doing pretty against the USD. The price of Bitcoin remained well bid over the $11,200 mark and the 100 simple moving average. Bitcoin started a fresh rally from the swing low of $11,276 and surged over the key $11,500 hurdle point.

There was a break over a connecting bearish trendline with a hurdle close to $11,600 on the 4-hour chart of the BTC/USD trading pair. The digital currency retested the $12k hurdle point and it is currently consolidating gains.

Bitcoin (BTC) Price Today – BTC / USD

NamePrice24H %
bitcoin
Bitcoin(BTC)
$57,491.00-1.92%

On the downside, the immediate support of Bitcoin is close to the $11,800 mark. It is close to the 23.6 percent Fibonacci retracement level of the previous swing from the low of $11,276 to the high of $11,977. The major support is forming close to the $11,650 mark or the 50 percent Fibonacci retracement level of the previous swing from the low of $11,276 to the high of $11,977.

Bitcoin (BTC) Price Today – BTC / USD

NamePrice24H %
bitcoin
Bitcoin(BTC)
$57,491.00-1.92%

There is also a formation of a vital bullish trendline with support close to $11,500 on the 4-hour charge of the BTC/USD trading pair. On the upside, a successful break over the $12k and $12,050 marks could pave the way for more upside moves. Over those levels, the next major hurdle Bitcoin has to break could be $12,400 or $12,600.

Bitcoin Is More Likely to Surge Higher Than Correct, as It Finds Strong Support

With the numerous bullish sentiments and positive news in the crypto space, the price of Bitcoin is more likely to surge higher than plunge heavily in the near term. However, if the digital currency begins a downtrend, chances are it would find support close to $11,650 or $11,600. The breakdown support is close to the $11,500 mark and the trendline.

A break below the $11,650 and $11,600 support mark could strengthen the bears a bit, and the digital currency might plunge to the next major support close to $11,200, followed by the $11k hurdle.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

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