Bitcoin Buyers Need to Wait For a Decline to $9,850 before Actions
The price of BTC/USD rose steadily over $10k barrier, but it may retrace lower to $9,850 prior to a rally towards $10.5k zone.
Within the previous few days, the price of the pair rose steadily over the barriers at $9.5k and $9,850. The price surged further over the barrier at $10k, thereby settling well over the 100 hourly SMA.
It eventually visited the $10.2k zone and was able to form a fresh 2020 high close to $10,201. A look at the hourly chart of BTC against the USD shows a break beneath a main bullish trend line with support close to $10.1k.
Currently, the price is beneath $10,050 and the next support is close to $10k. The key support is close to $9,850, where there is likelihood that BTC buyers would emerge again. Any additional declines could destroy the present bullish market sentiment and the price could decline towards $9.5k.
The price action of the pair at the moment shows that there is a lower retracement from the $10,201 high. The occurrence of a break beneath the $10k support could make the price visit the support at $9,850.
Besides, the price remains in a powerful uptrend and a short-term retracement towards $9,850 could be a modest opportunity to go long. Further, if the price closes beneath the $9.5k zone could prompt a remarkable downside retracement.
Featured image courtesy of Shutterstock. Source: Cryptopress.