Bitcoin News Today Headlines for February 6

Bitcoin News Today Headlines for February 6

Bitcoin (BTC) continues to hit new 2020 highs

Bitcoin has several major support levels on the downside

Bitcoin News Today The bulls have been able to hold the price of Bitcoin (BTC) well over the $9k level. The digital currency is currently in a safe zone over the $9,000 mark. BTC recently rallied to a new year-to-date high against the US dollar. Bitcoin is now trading over the $9,500 mark, with more bullish signs of a rally to the $10k level.

Recently, Bitcoin (BTC) experienced a slight correction from the $9,600 range against the U.S. dollar. The digital currency plunged and broke below the $9,400 and $9,300 support levels. It even broke below the $9,200 mark before the bulls showed up at the $9k area. Bitcoin formed a swing low close to the $9,079 mark before it started correcting higher.

Bitcoin surged and broke over the $9,200 hurdle point. The bulls gained more momentum and pushed the price of the digital currency over the 100-hourly simple moving average and the $9,500 hurdle point. Finally, BTC broke over the $9,600 resistance level and it surged to a new 2020 high of $9,764. The digital currency is currently consolidating lower beneath the $9,700 mark.

Bitcoin (BTC) traded below the 23.6 percent Fibonacci retracement level of the previous swing from the low of $9,076 to the high of $9,764. Nevertheless, the previous resistance close to the $9,500 and $9,520 marks are acting as strong support for the coin. More importantly, there is a formation of a bullish trendline with support close to the $9,460 mark on the one-hour chart of BTC against the USD.

On the upside, there are near term resistances close to the $9,700 and $9,750 marks. If the digital currency breaks over the $9,750 mark successfully, it is likely to amass more gains. The next target after that level is the $10k mark.

Bitcoin has found several strong support levels on the downside. The major support of the digital currency is close to the $9,500 mark. The next major support below that level is close to the $9,420 mark. It coincides with the 50 percent Fibonacci retracement level of the previous swing from the low of $9,076 to the high of $9,764.

A break below that level might pave the way for more losses towards the $9,340 support level and the 100-hourly simple moving average, where the bulls are likely to show up. Bitcoin is carrying most of the altcoins in the market along, as Ethereum (ETH) just broke over the $200 mark, testing a new 2020 high also.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When shes not writing, she spends time with her adorable cat, Ginger and works out often.

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Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When shes not writing, she spends time with her adorable cat, Ginger and works out often.

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