Is Bitcoin About to Begin Another Decline?
The price of BTC/USD was able to form a short-term top close to $10.2k and retraced to the downside recently. The price could keep declining while the buyers could stay active over $9.5k.
In recent times, the price surged past $10k but could not clear the hurdle at $10.2k. It was able to form a fresh 2020 high close to $10,201. The price began a downside retracement beneath $10k level and the 100 hourly SMA.
Hence, in the near term, the price is at risk of more declines beneath $9,659 swing low. The immediate key support is observed close to $9,530 and $9.5k.
Any additional declines may serve as the basis for a huge bearish wave, likely to reach the $9.2k support zone in the near term.
The latest downside move may be considered as a part of a downside retracement from the $10,201 swing high. The $9.5k support zone may be critical in the near term.
The buyers should begin to worry about a change to bearish trend if the price declines beneath $9.2k and $9k.
Featured image courtesy of Shutterstock. Source: Cryptopress.