BTC Buyers Advised to Exercise Caution as Decline Is Close in Sight
The BTC/USD price recently fell to the weekly low at $9,483 but later increased to around $9.7k. However, this price recovery is still under immense barriers at $9,950 and $10k.
A day earlier, the price plummeted highly, even going below the 9.6k support level. It further dropped under the $9.5k(the then weekly low) but settled well under the 100 SMA.
Afterward, this price continued to drop, hitting $9,483, and surged fast to $9.5k and $9.6k levels. There was a significant surge which hit the hurdle at about 9730.
At the 9k zone, the BTC price shows the probability that it might keep recovering, thus giving significant positive signs. Even with a rise, there seems to be a barrier between the $9,940 and $10k levels. However, the 10k barrier appears to be the major one since it’s next to the 100 hourly SMA.
Therefore, the price should increase past $9,940 and $10k to create a new positive trend. A surge to surpassing 10k will lead to a new barrier zone at $10.5k.
The high chances are that BTC buyers will struggle at the $9940 and $10k range, thus being unable to secure the 10k.
Failing to secure a $10k will lead to a plunge with the initial support standing at 9.6k and 9.5k, with the even worse scenario being a huge plunge to the $9k.