- Bitcoin makes another attempt to break over the $11k hurdle point
- Bitcoin needs more bullish momentum to break over its key hurdle
- BTC needs to hold the $10,700 support to prevent major dips in the near term
Bitcoin News Today – Bitcoin (BTC) has not recorded any major gain over the past couple of weeks. The digital currency has managed to remain over the $10,550 support mark and surged over $10,800 against the USD. Bitcoin (BTC) is now encountering the key resistance close to the $10,950 and $11k marks.
Bitcoin Attempts another Bullish Breakout
The price of Bitcoin recently made another attempt to clear the $10,550 support level against the USD. Nevertheless, the digital currency remained well over the $10,550 support mark and this resulted in a fresh bullish reaction. The digital currency broke over the $10,650 and $10,700 marks to begin a nice upward move.
More importantly, there was a break over a key bearish trendline with a hurdle close to $10,635 on the one-hour chart of the BTC/USD trading pair. The price of the digital currency surged by more than 2 percent and it broke over the $10,800 hurdle point. Bitcoin amassed more bullish traction and surged over the $10,950 resistance.
Bitcoin (BTC) Price Today – BTC / USD
The digital currency formed a new intraday high close to $10,971 and it is presently consolidating gains. It appears there is a formation of a contracting triangle with support close to the $10,880 mark. The triangle support is close to the 23.6 percent Fibonacci retracement level of the previous swing from low of $10,539 to the high of $10,971.
On the upside, the first key hurdle for the digital currency is close to the $10,950 mark. However, the major resistance for the digital currency is still close to the $11k level. A successful break over the $11k hurdle point could pave the way for more gains towards the $11,500 mark in the near term. However, Bitcoin needs more bullish momentum to make this move. It needs sustained buying pressure to move things higher.
Bitcoin Needs to Prevent Dips to the Lower $10k Region
For Bitcoin to break over the $11k hurdle point, it needs to hold gains over its key support level. The first major support for the digital currency is close to the triangle trendline at $10,880. Below that level, the next key support is close to the $10,800 mark or the 50 percent Fibonacci retracement level of the previous swing from the low of $10,539 to the high of $10,971.
Any decline below that level would likely the price of Bitcoin towards the $10,700 support mark since it is near the 100 hourly simple moving average. However, technical indicators are pointing out that the digital currency is more likely to surge higher in the near term.