Bitcoin Buyers Should Take Care As a Huge Retracement Is Still Likely
The price of BTC/USD fell to a fresh weekly low at $9,483 but later recovered to the upside. The recovery has led to over $9.7k, but the price remains under a few main barriers ($9,950 and $10k).
In the previous day, the price extended its downside move under the $9.6k support. It moved under $9.5k thereby settling well under the 100 hourly SMA.
The price eventually attained another weekly low at $9,483 prior to retracement over $9.5k and $9.6k levels. A look at the hourly chart of BTC against the USD shows a surge over a major bearish channel with hurdle close to $9,730.
Currently, the price is revealing some positive signs over the $9.7k zone and it might keep up the recovery. Nevertheless, some major barriers exist close to $9,940 and $10k levels.
The major barrier is close to $10k since it is close to the 100 hourly SMA.
Hence, the price needs to surge past $9,940 and then move over $10k for a new and renewed uptrend. An upsurge over $10k could make the price to retest the $10.5k barrier zone.
There is likelihood that BTC buyers will struggle close to $9,940 and $10k. Failure to secure strength over $10k could make the price to return to the downside.
A look at the downside shows that the initial support is close to $9.6k and $9.5k. Any additional declines could pave the way for a huge downside retracement towards $9k.