- Bitcoin starts a fresh recovery phase after correcting to $9,300
- BTC is currently hovering around $9,600 with an eye on $10k
- Bitcoin finds strong support on the downside
Bitcoin News Today – After breaking below the $10k hurdle point, Bitcoin has made several attempts to return over that level, but failed. The digital currency recently experienced another wave of downward correction but it is still well bid over the $9,300 mark. The digital currency is currently correcting higher, and it is getting ready for another major rally.
Bitcoin Remains in Bullish Zone with an Eye on $10,000
This past week, the benchmark digital currency began a downward correction from the $10,360 mark against the USD. The price of the digital currency broke below the $10k support area and plunged towards the $9,500 support zone. Nevertheless, the bulls showed and prevented further downtrends below the $9,300 area and the 100 hourly simple moving average.
The digital currency formed a low close to the $9,308 mark and it recently began a fresh upside move. There was a break over the 23.6 percent Fibonacci retracement level of the previous swing from the high of $10,361 to the low of $9,308. Bitcoin even surged over the $9,500 and $9,600 marks.
Bitcoin (BTC) Price Today – BTC / USD
On the upside, the current major hurdle of the digital currency is at the $9,800 mark. The 50 percent Fibonacci retracement level of the previous move from the high of $10,361 to the low of $9,308 is also acting as a hurdle on the upside. At press time, Bitcoin is hovering around the $9,600 level. There is a formation of a crucial contracting triangle with a hurdle close to $9,700 on the 4-hour chart of the BTC/USD trading pair.
If the digital currency successfully breaks over hurdles close to $9,700 and $9,800, it could surge higher towards the major $10k hurdle point. A break over that level would pave the way for more gains towards the $10,200 and $10,300 marks in the near term.
Bitcoin Seems to Have Found Strong Support
The world’s largest digital currency by market cap seems to have found very strong support on the downside. However, the bulls need to keep protecting that level to prevent major downward corrections. If BTC breaks below that triangle support area, it could plunge further below the $9,500 mark. Below that level, the first key support for the digital currency is close to the $9,400 mark and the 100 hourly simple moving average.
However, the next major support is close to the $9,300 mark, below which the bears are likely to show up and push the price of the digital currency towards the $8,800 mark.