- Bitcoin amasses bullish traction to break over a key hurdle point
- BTC bulls need to break over $11,800 to pave the way for more gains
- Bitcoin carries the majority of altcoins along in its recent bull run
Bitcoin News Today – Bitcoin recently amassed more bullish traction and surged over the $11,500 hurdle point against the USD. The digital currency is currently correcting lower from $11,700, but chances are it would find support close to the 100 hourly simple moving average.
Bitcoin Continues to Show More Strength
After several failed attempts, the price of the world’s largest digital currency by market cap broke over the $11,500 hurdle point against the USD. The digital currency even surged over the $11,650 mark and settled well over the $100 hourly simple moving average. Bitcoin surged to a new monthly high close to $11,724 before it started a near term downside correction.
On its way down, there was a break below the $11,600 and $11,500 marks. It is currently testing the 50 percent Fibonacci retracement level of the previous swing from the low of $11,199 to the high of $11,724. On the downside, the first key support is close to the $11,400 mark. It is close to the 61.8 percent Fibonacci retracement level of the previous swing from the low of $11,199 to the high of $11,724.
Bitcoin (BTC) Price Today – BTC / USD
There is also a formation of a connecting bullish trendline with support close to $11,320 on the one-hour chart of the BTC/USD trading pair. On the upside, the digital currency is encountering a near-term hurdle at $11,500. Over that level, the next key hurdle is close to the $11,700 mark. However, the major resistance for the digital currency is close to the $11,800 mark.
If the digital currency breaks over the $11,800 mark successfully, it might pave the way for more upside moves towards the $12k mark. Bitcoin is not the only beneficiary of the recent price rally, as almost all the top cryptos in the market are currently in the green. One of the top gainers over the past twenty-four hours is Cardano, with an increase of more than 7 percent. Binance Coin also recorded gains of about 6.8 percent.
Can Bitcoin’s New-Found Support Prevent Dips?
Bitcoin is likely to find support close to the $11400 mark or the bullish trendline. The 100 hourly simple moving average is also close to the $11,300 mark. On the downside, the major support for the digital currency is close to the $11,200 mark, which is this week’s base.
A break below that level would likely give the bears more momentum in the near term. If Bitcoin falls below that level, the next major support is close to the $11k mark.
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.