- Bitcoin (BTC) starts sharp recovering after forming a low of $9,165
- BTC faces strong hurdle at the $9,500 and $9,800 marks
- Bitcoin needs more traction to break over its hurdle points
Bitcoin News Today – Bitcoin (BTC) recently experienced a sharp downtrend that pushed its price below the $9,200 mark. The digital currency traded as low as $9,165 before it started a fresh rally against the USD. Bitcoin is currently recovering, but it is still likely to face a major hurdle at the $9,500 area.
Bitcoin Starts Sharp Recovery with an Eye on $9,500
This past week, the world’s most dominant digital currency by market cap plunged gradually from well over the $9,500 hurdle against the USD. The price of the digital currency broke below the $9,300 support mark and even settled well below the 100 simple moving average. Bitcoin formed a swing low close to the $9,165 mark before it started a nice upward move.
There was a break over the $9,250 and $9,300 hurdle points. The bulls succeeded in pushing the price of the digital currency over the 23.6 percent Fibonacci retracement level of the previous swing from the high of $9,587 to the low of $9,165. More importantly, there was a break over the key bullish flag pattern with a hurdle close to the $9,340 mark on the 4-hour chart of the BTC/USD trading pair.
Bitcoin (BTC) Price Today – BTC / USD
That move paved the way for more gains over the $9,350 mark. The price of the digital currency is testing the 50 percent Fibonacci retracement level of the previous swing from the high of $9,587 to the low of $9,165.
A successful break over the $9,500 hurdle point could pave the way for more gains towards the key $9,500 resistance level. The 100 simple moving average is also waiting close to the $9,500 hurdle zone. Hence, Bitcoin needs to break over the $9,500 hurdle point to continue its upside movement. However, the key resistance for the digital currency is close to the $9,800 and $9,840 marks.
Can Bitcoin Bulls Prevent Further Downtrends?
Bitcoin has been somewhat volatile over the past weeks. Since the digital currency was rejected at the $10k region, it has been struggling to regain traction. After breaking below its major $9,500 support level, it has not found its way back. If Bitcoin finds it difficult to clear the $9,400 and $9,500 hurdle points, chances are it could start a fresh decline.
The immediate support for Bitcoin is close to the $9,300 support mark. However, the major support is forming close to the $9,080 mark, below which the bears are likely to push the price of the digital currency below the $9k support in the coming sessions.