- Bitcoin breaks below several support to a new weekly low
- Bitcoin faces strong hurdle close to $11,400 and $11,550
- BTC bulls need to protect $11,200 to prevent heavy downtrends
Bitcoin News Today – With the poor price performance of Bitcoin over the past few days, it appears that the bears are in charge. The price of the digital currency has failed to hold gains over the $11,550 support area against the USD. Bitcoin is currently plunging lower, and chances are it could correct towards the $11k zone.
Bitcoin Bulls Pave Way for the Bears
The price of Bitcoin struggled to continue surging higher over the $11,800 and $12k marks against the USD. Due to the rejection, Bitcoin plunged sharply and broke below the $11,650 support mark. The bears took over below the $11,550 support market and the 100 hourly simple moving average. Bitcoin even broke below the $11,220 support level and plunged to a new weekly low of $11,122.
The digital currency is currently correcting higher and trading over the $11,250 mark. There was also a break over the 23.6 percent Fibonacci retracement level of the previous swing from the high of $11,789 to the low of $11,122.
Bitcoin (BTC) Price Today – BTC / USD
Nevertheless, the price of the digital currency is now encountering resistance close to the $11,400 mark. There is a formation of a major bearish trendline with a hurdle close to the $11,400 mark on the one-hour chart of the BTC/USD trading pair. Over that trend line, the next major hurdle for the digital currency is close to the $11,500 and $11,550 marks.
An intermediate resistance could be close to the 50 percent Fibonacci retracement level of the previous swing from the high of $11,789 to the low of $11,122. A successful break over that trendline and the $11,550 hurdle point would pave the way for more gains in the near term. At the time of writing, the world’s largest digital currency by market cap is changing hands at $11,372 after a decrease of more than 2 percent over the past twenty-four hours. Bitcoin is not the only digital currency in the red, as the majority of altcoins are also deep in the red.
How Long Can Bitcoin Bulls Hold On?
The digital currency seems to be under pressure at the moment, and failure to break over the $11,400 and $11,550 hurdle points could pave the way for more downside moves. Below that level, the first major support for the digital currency is close to the $11,100 mark. The next key support is currently forming close to the $11k handle, below which there might be heavy downtrends. If that happens, the price of the digital currency might correct towards the $10,500 mark.