BTC Price Shows Greater Signs of A Massive Decrease
Currently, the BTC/USD trade is standing above 8500, with all the buyers yesterday defending its price at 8.54k and not below 8.5k USD. However, yesterday saw some of the best BTC value changes, going to over 8.8k reaching 8840 USD, then later plunging.
Although BTC’s price went to over 8.8k yesterday, it still met hurdles of BTC/USD rejection leading to the retracement of BTC to the downside.
The currency closed the day at beneath 8800 USD and the 100 hourly SMA. However, the coin dropped to even worse, 8500 but is now starting to recover but still lagging.
The coin yesterday visited the support zone at 8500 several times, but it was hard for the traders to secure traction.
Looking deep into the upside on the chart reveals the formation of barriers between 8760 and 8800. Similarly, they formed a significant contracting triangle with obstacles at 8720 in the chart.
There are possibilities for the price surging at 88, which could initiate a possible recovery of the BTC price. As the recovery continues, the price could hit 9k or even more in the short term. However, with more additional positive factors, the price may jump to 9300 in the short term.
However, another possible scenario on the BTC price level, especially for buyers at the 8500 support zone, is an even worse decline in the short term. The price failing to remain above the support between 8500 and 8470 could lead to a deep plunge.
Prices falling below 8470 could extend the decline to 8200 or even 8000, where buyers could come in.