BTC Faces Speculations of A Further Downside Retracement
The BTC/USD price has recently hit the over $10k mark, to $10.2k but more recently plunged. There are still hopes of it doing well after all since although the price is declining the buying pressure is still active and will probably still be as long as the price remains over $9.5k.
After hitting the 10k, and even the 10.2k mark, the coins price was unable to overcome the hurdles past the 10.2k; instead, it made a new high for 2020, i.e. $10,201. Post this new 2020 high mark; the price began plunging to below $10k and the 100 hourly SMA.
The short term price of the BTC may be at risk of plunging even more to below $9,659. According to observation, at this point, the probable support will be around $9,530 and $9.5k.
More declines will be a basis to a huge bearish wave, leading to the support zone being $9.2k in the short term.
Therefore, the recent downside move is part of a larger retracement from the $10.2k high, leading to the $9.5k support zone being highly critical. All buyers should brace themselves for a possible bearish trend if these prices drop to beneath $9.2k and $9k.