- Bitcoin is back in a consolidation phase after hitting a new yearly high
- BTC faces stiff hurdle close to the $13k mark
- Bulls need to hold gains to prevent heavy downside corrections
Bitcoin News Today – Bitcoin recently gained more bullish traction, surged higher, and broke over a key hurdle point. The digital currency surged to a new yearly high of over $13k against the USD. Bitcoin is currently consolidating gains and chances are it might correct lower in the near term.
Bitcoin Consolidates Close to $13,000
The price of Bitcoin recently surged higher over the $13k hurdle point. However, the digital currency seems to be having issues close to the $13,200 mark. It formed a swing high close to $13,191 before it started correcting downwards. On its way down, there was a break below the $13k mark, but the price of the digital currency remains well bid over the 100 hourly simple moving average.
More importantly, the digital currency broke below the key bullish trendline with support close to $13,000 on the 100 hourly chart of the BTC/USD trading pair. Bitcoin also plunged below the 50 percent Fibonacci retracement level of the previous swing from the low of $12,684 to the high of $13,191.
Bitcoin (BTC) Price Today – BTC / USD
Nevertheless, the bulls are defending the $12,850 mark and the price of Bitcoin is still well over the $12,650 and $12,750 support marks. The 61.8 percent Fibonacci retracement level of the previous swing from the low of $12,684 to the high of $13,191 is close to the $12,887 to act as immediate support. The digital currency is currently trying to break over the $13k mark.
If the bulls succeed in pushing prices over the $13k hurdle point, the digital currency might face another major hurdle close to the $13,200 level. A successful break over that level would likely pave the way for more upside gains. If that happens, the bulls might push the price of the digital currency towards the $13,650 mark in the near term. A break over that level might push Bitcoin’s price towards the $14k and $14,500 marks.
Bulls Need to Prevent Further Downside Corrections
Bitcoin bulls need to hold their grounds and prevent further downside corrections. However, if the price of the digital currency fails to break over the $13k and $13,200 hurdle points in the near term, chances are the digital currency could correct further. Bitcoin could extend its downward correction and break below the $12,850 support mark.
Below that level, the next major support is close to the $12,750 mark, below which the bulls are likely to show up and defend the major $12,650 support mark in the coming trading sessions. At press time, Bitcoin is still in the green, but it needs more bullish momentum to break over the $13k hurdle point.