Bitcoin News Today – Headlines for September 6

  • Bitcoin loses traction, leaving the bears in charge
  • BTC recovers slightly after forming a new monthly low at $9,850
  • Bitcoin bulls need to protect the $10k level to prevent further declines

Bitcoin News Today – The price of Bitcoin is down by more than 15 percent over the past couple of days. Bitcoin even tested and plunged below $10k against the USD. However, the digital currency needs to remain over the $10k mark to avoid further losses and a mid-term downtrend.

Bitcoin Plunges and tests Key Support Levels

The past couple of days have been really bloody for Bitcoin and the majority of altcoins on the market. This past week, the price of Bitcoin plunged from the $12k hurdle point against the USD. The digital currency broke the $11,200 and $11k support marks to move into a bearish zone. The bears gained more traction and pushed prices below the $10,800 support mark, leaving the bears in full charge.

Bitcoin continued its downtrend and broke below the $10,500 support, and it closed below the 100 simple moving average. The price of the digital currency even plunged below the $10k mark and formed a new monthly low close to $9,850. The digital currency is currently correcting higher and it is trading over the $10k mark.

Bitcoin (BTC) Price Today – BTC / USD

NamePrice24H %
bitcoin
Bitcoin(BTC)
$0.00-0.15%

There was a break over the 23.6 percent Fibonacci retracement level of the previous swing from a high of $10,640 to a low of $9,853. On the upside, the major hurdle for the digital currency is close to the $10,250 mark. There is also a formation of a strong bearish trendline with a hurdle close to $10,250 on the 4-hour chart of the BTC/USD trading pair.

The trendline coincides with the 50 percent Fibonacci retracement of the previous swing from the high of $10,640 to the low of $9,853. A successful break over the trendline might start a nice recovery wave over $10,300. Over that level, the next major hurdle for the digital currency is close to the $10.500 and $10,600 marks, above which the price might turn positive.

Can Bitcoin Bulls Prevent Dips Below $10k?

The $10k mark seems to be pretty strong support for the digital currency, as it recovered quickly over that level after forming a low at $9,850. However, if the digital currency struggles to break over the $10,250 hurdle point, chances are it could plunge lower in the near term. If that happens, the immediate support for the digital currency is close to the $10,050 mark.

Nevertheless, the major support on the downside is close to the $10k mark. A daily close beneath the $10k support may establish a mid-term downtrend. Below that level, the next key support is close to the $9,500 and $9,400 marks.

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.

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