- Bitcoin is gradually gaining more bullish traction
- BTC surged to as high as $10,837 after breaking over the key hurdle at $10,580
- Bitcoin faces several hurdles close to $10,800, $10,850, and $11,000
Bitcoin News Today – The price of the world’s largest digital currency by market cap is gradually gaining traction and it just broke over the $10,700 hurdle point against the USD. Bitcoin (BTC) is up by more than 5 percent over the past day, but it still needs to break over the key hurdle close to $10,800 and $11k.
Bitcoin (BTC) Is Gaining Momentum
There was a gradual increase in the price of Bitcoin from the $10,200 support level against the US dollar. The digital currency broke over the $10,500 hurdle point to start the recent uptrend. The bulls even pushed the price over the $10,580 pivot mark and the price settled well over the 100 hourly simple moving average.
Bitcoin gained more traction and continued its upward move after breaking over a major contracting triangle with a hurdle close to $10,440 on the 1-hour chart of the BTC/USD trading pair. The digital currency even broke the $10,700 hurdle point and spiked above $10,800. Bitcoin surged to as high as $10,827 and it is currently showing many positive signs.
Bitcoin (BTC) Price Today – BTC / USD
If the digital currency corrects lower, it might find support close to $10,730 or the 50 percent Fibonacci retracement level of the previous swing from low of $10,633 to the high of $10,837. On the upside, the digital currency is likely to encounter several hurdles close to $10,800, $10,850, and $11k.
If the digital currency successfully breaks over that level, it could pave the way for more upside moves in the near term. Over that level, the next major hurdle of the digital currency is around the $11,200 mark. A successful break over the $11,200 and the minor hurdle close to it would catapult the price of the benchmark digital currency towards the next key hurdle close to $11,500.
Can the Bulls Prevent Further Declines in the Near Term?
If the bullish momentum wears out and Bitcoin fails to break over the $10,800 or $11k hurdle points, chances are it could start a downward correction. If that happens, the immediate support for the digital currency is close to the $10,730 mark. However, the first key support is close to the $19,700 mark or the 61.8 percent Fibonacci retracement level of the previous swing from low of $10,633 to the high of $10,827.
Further losses below that level could push prices towards the $10,580 mark (which was its previous hurdle point), where the bulls are likely to show up and prevent further losses.