- Bitcoin starts a sharp recovery phase, and it surge over the $10,200 hurdle point
- BTC is facing key resistance close to $10,450 and $10,500 marks
- Bulls need to hold gains over the $10k mark to see more upside moves in the near term
Bitcoin News Today – The price of Bitcoin (BTC) remained well supported over the $9,900 and $10k levels against the USD. The digital currency is currently in the green, as it is gradually correcting higher. Bitcoin is approaching a key breakout zone at $10,500, and a break over that level might pave the way for more gains.
Bitcoin Is Gradually Recovering
Recently, the benchmark digital currency tested the $10k and $9,900 support marks against the USD. The digital currency remains well supported and the bears lacked the momentum to push prices below the swing low of $9,850. Bitcoin started a nice upwards movement and surged over the $10,150 and $10,200 hurdle points.
There was also a break over the $10,200 mark and the 100 hourly simple moving average. The digital currency is now trading close to the $10,450 hurdle point, where the bulls are having a little of a hard time to break. If the digital currency corrects lower a bit, it might find support close to the $10,300 mark.
Bitcoin (BTC) Price Today – BTC / USD
It is close to the 23.6 percent Fibonacci retracement level of the previous swing from the low of $9,859 to the high of $10,441. There is also a formation of a major rising channel with support close to the $10,300 mark on the hourly chart of the BTC/USD trading pair. A break below that channel support could push the price of the digital currency towards the $10,150 support mark or the 100 hourly simple moving average.
The 50 percent Fibonacci retracement level of the previous swing from the low of $9,859 to the high of $10,441 is also close to the $10,150 mark. On the upside, the digital currency is encountering a few crucial hurdles close to the $10,450 and $10,500 marks. A successful break over those levels would pave the way for a larger rally. Over that level, the next major hurdle for the digital currency is close to $10,600, over which the bulls are likely to amass traction and push prices over the $11k mark.
Bitcoin Needs to Continue Holding Gains over the $10k Mark
At press time, Bitcoin (BTC) and the majority of altcoins in the market are in the green. The digital currency is up by about 3 percent over the past day and many are expecting it to continue surging higher. If Bitcoin fails to break over the $10,500 hurdle point, chances are it could correct lower. If that happens, the first major support for the digital currency is close to the channel support, and then the 100 hourly simple moving average at $10,150. However, the major support for the digital currency on the downside is close to the $10k and $9,900 mark.