Risk of Bitcoin Price Bounce Increases
At the moment, BTC/USD is into consolidation over the major support at $8,500. The price of BTC may put up another following an upsurge over the barrier at $8,800.
Yesterday, the price was able to break beneath the $8,800 support zone. Further, it closed beneath $8,800 and the 100 hourly SMA. It eventually visited the major support at $8,500 and, in recent times, started to recover a bit.
Notably, it visited the support zone at $8,500 many times, but the sellers could not secure traction. A look at the upside on the chart of the pair reveals the formation of some major barriers close to $8,760 and $8,800.
Likewise, there is the formation of a major contracting triangle with a barrier close to $8,720 on the same chart.
Hence, if the price surges over the barrier at$8,800, it may initiate rally. If a rally ensues, the price could move over $9,000 and $9,100 in the near term. Any additional upside move may take the price to $9,300.
An important level for BTC buyers is at $8,500 support zone. The failure of the price to remain over supports at $8,500 and $8,470 may lead to a fresh decline.
If the price stays beneath $8,470 level, there could be an extension of declines to $8,200 or $8,000. The major support is close to $8,000, where the buyers could come in.