Bitcoin News Today – Headlines for September 30

  • Bitcoin is stuck in a range below the $11k hurdle point
  • Bitcoin finds strong support close to $10,650
  • A break over the $11k hurdle point is needed for more upside moves towards $11k and $11,500

Bitcoin News Today – The price of Bitcoin is stuck in a broad range below the $11k hurdle point against the USD. Bitcoin (BTC) is likely to plunge sharply if the bulls fail to push prices over the $10,800 and $11k hurdle points. At press time, the digital currency is slightly in the green, but it needs more bullish traction to break over its immediate hurdle point.

The Price of Bitcoin Is Stuck in a Tight Range

After a sharp downtrend from the $10,950 area, the price of the digital currency found support close to the $10,650 mark against the USD. The bears tried to push prices below the $10,650 support level but failed. Bitcoin (BTC) formed a low close to $10,647 before it started recovering higher. It recovered over $10,750, traded as high as $10,850, and it is currently correcting lower.

There was a break below the 23.6 percent Fibonacci retracement level of the previous swing from the low of $10,647 to the high of $10,860. The digital currency is now approaching the 100 hourly simple moving average and the $10,750 support level. It is close to the 50 percent Fibonacci retracement level of the previous swing from the low of $10,647 to the high of $10,860.

Bitcoin (BTC) Price Today – BTC / USD

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

It appears there is a formation of a key contracting triangle with a hurdle close to $10,850 on the one-hour chart of the BTC/USD trading pair. To begin a strong upside rally, the digital currency needs to break out of the triangle resistance and the $10,950 zone. However, the major resistance of the digital currency is still close to the $11k mark. Over that level, there are huge possibilities that the digital currency might move towards the $11,500 and $11,600 marks in the near term.

At press time, Bitcoin is up by less than one percent, with its immediate hurdle at the $10,800 mark. The digital currency needs to amass more bullish traction to break over that level in the near term.

Can Bitcoin’s Support Hold?

If the benchmark digital currency fails to break over the $10,800 and $10,850 hurdle points, chances are it might start a downtrend. If that happens, the first major support for the digital currency is close to the triangle lower trendline or $10,650. A break beneath the $10,650 support mark might pave the way for more downside moves towards the key support area at $10,550.

If that happens, the price of the digital currency might likely plunge towards the $10,200 mark or even break below the $10k mark in the coming sessions.

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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