Bitcoin Now at Critical Point
In the previous day, there was a short-term upsurge in BTC/USD pair over the barrier at $9.5k. The price continued over $9.6k level and attained a fresh high this year at $9,609.
Nevertheless, the buyers could not sustain the price over the major $9.5k barrier. Hence, a new fall ensued under $9.4k and the 100 hourly SMA.
The price fell under $9.3k level and visited the $9.2k support zone. It was able to form a low close to $9,223 and it is now into consolidation over $9,220 and $9.2k support.
A look at the upside on the hourly chart of BTC against the USD pair shows the first barrier close to $9,320. On the same chart, a critical observation is the formation of a bearish channel with barrier close to $9,320.
A look at the downside shows the formation of a confluence of supports close to $9.2k. The failure of the price to remain over $9.2k and $9,150 support poses a risk of more downsides.
If more downsides ensue, there is likelihood that the price will fall under the $9k support zone. The immediate key support is close to $8.8k, where the buyers could become quite active.
The pair needs to surge over $9.3k and the channel barrier for a modest upward move. The immediate barrier is observed close to $9,420.
A successful surge over $9,420 and a close over the 100 hourly simple moving average could raise the likelihood of more upsides over $9.5k and $9.6k in the near term.