- Bitcoin price recovers gradually after finding strong support on the downside
- BTC faces major hurdle close to the $10,800 mark
- Bitcoin is more likely to surge higher than break lower
Bitcoin News Today – The price of Bitcoin is gradually recovering from the swing low of $10,387 against the USD. Bitcoin recently broke over the $10,650 hurdle point and it might soon break over the $10,800 or the $10,900 resistance levels.
Bitcoin Price Is Recovering Gradually
After a steady decline, the price of Bitcoin found strong support just over the $10,350 against the USD. The price of the digital currency traded as low as $10,387 and it recently started a nice upside move. The bulls seem to be in control of the market, as the price of the digital currency was able to surge over the $10,550 hurdle point.
There was also a break over the 50 percent Fibonacci retracement level of the previous swing from the high of $10,930 to the low of $10,387. The digital currency is now trading over the $10,650 hurdle point and the 100 hourly simple moving average. It appears there is a formation of a major rising channel with support close to $10,650 on the hourly chart of the BTC/USD trading pair.
Bitcoin (BTC) Price Today – BTC / USD
On the upside, the first key hurdle is close to the $10,800 mark. It is close to the 76.4 percent Fibonacci retracement level of the previous swing from the high of $10,930 to the low of $10,387. Over that level, the next key hurdle is close to the $10,850 mark. A successful break over that level might pave the way for more gains towards the $10,900 and $11k hurdle points.
If the digital currency breaks over those hurdle points, chances are it might start a strong rally in the coming trading sessions. The digital currency is currently in the green, alongside most of the altcoins in the market.
How Long Can the Bulls Hold On?
If the digital currency failed to break over the $10,800 hurdle or the barrier at $10,900, chances are it might start a fresh downside move. If that happens, the immediate support for the digital currency is close to the channel lower trendline at $10,650.
Below that level, the next major support is close to the $10,600 mark or the 100 hourly simple moving average. If the bulls fail to show up at that level, there is a risk of a fresh dive towards the $10,350 support area. However, there are several technical factors pointing to an imminent Bitcoin price rally, which means there are high chances that the digital currency would surge higher rather than plunge lower.
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.