- Bitcoin bulls prevent a break below $10k and started a nice recovery
- Bitcoin is now treading over $10,550 with its next major hurdle at $10,800
- BTC bulls need to hold gains over $10,500 to prevent a dip towards the $10,200 in the near term
Bitcoin News Today – The price of Bitcoin recently started a nice upward move from the swing low of $10,139 against the USD. Bitcoin amassed some bullish traction and surged over the $10,550 hurdle point, but it is currently facing a stiff hurdle on the upside close to the $10,800 mark.
Bitcoin Price Started a Nice Recovery
After plunging to the low of $10,139, the price of Bitcoin started a nice recovery against the USD. The digital currency broke over a couple of crucial resistance close to $10,400 and $10,500 to move into a near term positive zone. The recovery was such that the price of the digital currency settled over the $10,550 mark and the 100 hourly simple moving average.
The digital currency also broke over a key bearish trendline with a hurdle close to $10,600 on the hourly chart of the BTC/USD trading pair. Bitcoin is now testing the next major hurdle point close to $10,800. The digital currency formed a high close to $10,789 and it is currently consolidating gains.
Bitcoin (BTC) Price Today – BTC / USD
On the downside, the immediate support for the digital currency is close to the $10,640 mark or the 23.6 percent Fibonacci retracement level of the previous swing from the low of $10,139 to the high of $10,789. Below that level, the next major support for the digital currency is close to the $10,550 mark and the 100 hourly simple moving average.
The 50 percent Fibonacci retracement of the previous swing from the low of $10,139 to the high of $10,789 is also close to $10,464 to act as support. On the upside, the digital currency is encountering a stiff hurdle close to the $10,800 mark. A successful break over the $10,800 hurdle point would likely pave the way for more upside moves. If the digital currency breaks over that level, it might surge towards the $11k and $11,200 hurdle points.
How Long Will This Recovery Last?
Bitcoin has been on a downtrend over the past few days. The digital currency started this recovery phase yesterday, and if it fails to continue surging higher over the $10,780 and $10,800, it could start a fresh decline. As mentioned earlier, the first key support for the digital currency is close to the $10,550 mark and the 100 hourly simple moving average.
A break beneath the 100 hourly simple moving average might put the bears in charge of the digital currency. If that happens, the price of the digital currency could plunge towards the $10,200 support mark.