- The price of Bitcoin has been relatively stagnant
- Bitcoin faces a stiff hurdle on the upside
- Bitcoin needs to break over the $11,500 mark to start a fresh rally in the near term
Bitcoin News Today – The price of Bitcoin has been holding crucial support close to the $11,230 mark against the USD. The digital currency is likely to surge over the $11,500 mark provided it holds gains over the $11k pivot mark.
Bitcoin Finds Strong Support on the Downside
This past week, the benchmark digital currency attempted a fresh upside break over the $11,550 and $11,600 hurdle points against the USD. Nevertheless, the BTC/USD trading pair failed to gain momentum over the $11,600 mark. Bitcoin formed a high close to the $11,627 mark before it started a fresh downside move.
On its way down, it broke the $11,500 support mark and retested the major $11,200 support area. The digital currency formed a low close to $11,200 and it is currently consolidating higher. There was a break over the $11,300 mark also. The digital currency is still changing hands over the $11k pivot mark and the 100 simple moving average.
Bitcoin (BTC) Price Today – BTC / USD
It surged over the 23.6 percent Fibonacci retracement level of the previous swing from the high of $11,627 to the low of $11,200. It appears like there is a formation of a bullish flag pattern or a declining channel with a hurdle close to $11,450 on the 4-hour chart of the BTC/USD trading pair.
The immediate hurdle for the digital currency on the upside is close to the $11,450 mark since it is near the 50 percent Fibonacci retracement level of the previous swing from the high of $11,627 to the low of $11,200. For Bitcoin to start a fresh rally in the near term, it needs to break over the $11,420 mark and the channel resistance.
Over that level, the next major hurdle for the digital currency is close to the $11,500 mark. A break over that level would likely pave the way for more gains towards the $11,600 and $11,700 mark. Any further upside move could push prices towards the $12k hurdle point, which has been the key hurdle for the digital currency over the past few weeks.
Bitcoin Bulls Need to Prevent Downside Moves in the Near Term
If the digital currency fails to break over the $11,500 mark or the channel hurdle, chances are it could start a fresh downside move. If that happens, the key support for the digital currency is close to the $11,230 and $11,200 marks. A break below the $11,230 and $11,200 marks could pave the way for more declines towards the $11k support – a key hurdle turned support.
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.