- Bitcoin (BTC) is back in the green
- Bitcoin is trading well over $9,200 with immediate hurdle at $9,400
- Bitcoin finds strong support over the $9k mark
Bitcoin News Today – Bitcoin (BTC) is trading nicely over the $9,100 and $9,200 support marks against the USD. The digital currency is forming a vital breakout patter and it needs to break over the $9,400 mark to maintain a steady upward move.
Bitcoin Encounters Key Resistances
The past week, the benchmark digital currency tried to break over the key $9,500 hurdle point against the USD, but it failed. On its way, the digital currency formed a new weekly high of $9,480 before it started correcting downwards. Bitcoin corrected lower and broke below the $9,400 and $9,300 support marks.
The price of the digital currency even broke the 50 percent Fibonacci retracement level of the previous swing from a low of $8,912 to a high of $9,480. Finally, it broke below the $9,200 support level and the 100 (4h) simple moving average. The digital currency even tested the key $9,120 support zone before the bulls showed up.
Bitcoin (BTC) Price Today – BTC / USD
It seems like the 61.8 percent Fibonacci retracement level of the previous swing from the low of $8,912 to the high of $9,480 acted as strong support for the coin. There was also a formation of an important breakout pattern with a hurdle close to the 4h chart of the BTC/USD trading pair. The BTC/USD trading pair is currently surging higher and trading well over the $9,200 level and the 100 simple moving average.
On the upside, the immediate hurdle for the digital currency is close to the $9,350 mark. Nevertheless, the first key hurdle is close to the triangle hurdle and $9,400. If the digital currency breaks and closes over the $9,400 mark, it would most likely pave the way for more upward movement over the $9,500 hurdle point. If that happens, the bulls might have enough momentum to push the price of the digital currency towards the $9,600 and $9,800 marks.
Will Bitcoin’s New Support Level Continue to Prevent Further Downtrends?
Bitcoin seems to have found a strong base over the $9k level. Over the past few months, the digital currency has only broken below that level a few times. It has spent the better part of the past couple of months over the $9,000 range. Nevertheless, if the bulls are not able to push prices over the $9,400 and $9,500 hurdle points, chances are Bitcoin could start a fresh downtrend.
If that happens, the immediate support for the digital currency is close to the $9,200 mark. The key support is close to the $9,120 mark, below which the bears are more likely to push prices towards the $9k support mark.