- Bitcoin finds strong support over the $10,100 mark
- Bitcoin is currently trading well over the $10,550 mark with its immediate hurdle at $10,800
- A break over the $10,800 level would pave the way for more gains towards the $11k and $11,500 hurdles
Bitcoin News Today – Bitcoin recently started a fresh rally from the swing low of $10,140 against the USD. The digital currency broke over the $10,550 hurdle point and moved into a positive zone. It seems like the digital currency is now aiming for a clear break over the $11k mark. However, there are several hurdles around that area and it needs more bullish traction to clear that hurdle point.
Bitcoin Starts a Fresh Upside Rally
This past week, the world’s most dominant digital currency found support over the $100,100 mark against the USD. The digital currency remained well bid over the $10,200 mark and it recently started a gradual recovery wave. On its way up, there was a break over the $10,350 and $10,400 marks.
The major technical breakout was close to the $10,550 hurdle point and the 100 simple moving average. Besides, there was a break over the major bearish trendline with a hurdle close to $10,600 on the 4-hours chart of the BTC/USD trading pair. The price of the digital currency surged over the 50 percent Fibonacci retracement level of the previous swing from the high of $11,192 to the low of $10,140.
BTC price today
That move paved the way for more gains over the $10,700 hurdle point. The digital currency is now struggling to break over a major hurdle point close to $10,800. It is close to the 61.8 percent Fibonacci retracement level of the previous move from the high of $11,192 to the low of $10,140. If the digital currency successfully breaks and closes over the $10,800 hurdle point, it could amass more traction and surge over the $11k hurdle point.
Over that level, the next major hurdle on the upside is close to the $11,200 mark. A successful break over that level could pave the way for more gains towards the $11,500 hurdle point in the near term.
Bitcoin Finds Strong Support
If the benchmark digital currency struggles to break over the $10,800 hurdle point or the $11k resistance, it might plunge lower. If that happens, the immediate support for the digital currency is close to the $10,650 mark.
However, the major support for the digital currency on the downside is close to the $10,550 mark and the 100 simple moving average. If the digital currency breaks below the $10,550 and $10,500 support marks, chances are the bears might take over the market and push prices lower. However, Bitcoin has found strong support close to the $10,100 mark, and the bulls might show up before the bears push prices to that 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.
