BTC Shows A Possibility to Drop Significantly
The BTC/USD price rose over $9.4k and $9.5k, reaching a fresh high in 2020, $9569. However, the price is currently revealing signs of a downside retracement. Yesterday, BTC/USD was over $9.2k support, extending its upward move over the $9.4k zone barrier.
It proceeded to the upside over the barrier at $9.5k and reached a fresh yearly high at $9569. However, the buyers could not stay over $9.5k.
A Look at the BTC/USD Hourly Chart
The BTC/USD hourly chart reveals this week’s key buying trendline breaching, with support close to $9420. Therefore, it appears the pair are preparing to commence a downward retracement below $9.4k. The next support is close to $9360, and the initial significant support is close to $9260, below which the sellers could not visit the support zone at $9150.
There might be an additional decline below the support at $9150. If successful, the price is at risk of a significant drop below the $9k support zone. Recently, the price broke under the trend line and $9.4k, but it may not be accurate.
Buyers need to incline the price to over $9480 and $9.5k to commence another upsurge. If the price closes over the barrier at $9.5k, it may settle at a $10k barrier zone, and the intermediate barrier could be around $9850.