- Bitcoin price maintains bullish momentum above $10K
- BTC finds strong support
- The crypto market is trading in the green zone
Bitcoin News Today – Bitcoin (BTC) recently started a downward trend from the $10,500 mark against the USD. The downtrend continued and BTC broke below the $10,200 mark. Nevertheless, the digital currency is still holding the key 100-hourly simple moving average.
Bitcoin Finds Strong Support
Recently, Bitcoin (BTC) made another move to break over the $10,500 hurdle point against the U.S. dollar. Nevertheless, the price of the digital currency failed to continue and it formed a near term top close to the $10,519 mark. Later, the price of the digital currency corrected lower and broke below the $10,400 mark. Besides, the recent ascending channel with support close to the $10,360 mark was breached on the one-hour chart of BTC against the USD.
That move paved the way for more losses and the price of the digital currency plunged below the $10,200 support level. Bitcoin (BTC) traded close to the $10k level but the 100-hourly simple moving average acted as strong support for the digital currency. BTC formed a swing low close to the $10,057 and the price of the digital currency is currently consolidating in a range.
Bitcoin (BTC) recovered over the 23.6 percent Fibonacci retracement level of the previous swing from the high of $10,519 to the low of $10,057. More importantly, there was a formation of a key contracting triangle with a hurdle close to the $10,290 mark on the same chart.
On the downside, the triangle support is close to the $10,180 mark. The support of the digital currency on the downside is close to the $10,100 mark, below which BTC’s price could continue to head south. If that happens, the price of Bitcoin (BTC) is likely to return to the $9,890 support zone in the near term.
Will Bitcoin Bulls Start a Fresh Rally In the Near Term?
On the upside, the triangle hurdle is close to the 50 percent Fibonacci retracement level of the previous swing from the high of $10,519 to the low of $10,057. Hence, a break over the $10,300 mark is likely to pave the way for more gains in the coming sessions. However, the bulls need to push the price of the digital currency over the $10,325 mark to return to the $10,500 hurdle point.
Finally, a successful break over the $10,500 mark is likely to pave the way for more gains towards the $11k level, which is a level many traders and investors have been expecting the digital currency to break over the past few weeks. The bulls are still in charge of the market and BTC is likely to make more upside moves in the near term.