Why Buyers Needn’t Act Before BTC Price Falls to $9,850
BTC/USD’s price increased steadily over the $10k barrier. However, it could still fall to $9,850 before rallying towards the $10.5k zone.
The pair’s price rose steadily over the $9.5k and $9.85k barriers in the last few days. Accordingly, the price surged over the $10k barrier settling above the 100 hourly SMA level.
BTC New 2020 High
Eventually, the price reached the $10.2k zone registering a new 2020 high near the $10,201 mark. Studying the hourly BTC/USD chart reveals a break below the main bullish trend line with support near the $10.1k level.
Its price is currently lower than $10,050. Meanwhile, the next support is within the $10k point. Again the key support is near $9,850, at which point there are prospects of a re-emergence of BTC buyers. Further declines could torpedo the existing bullish market sentiment leading to the price nosediving towards $9.5k.
Presently, the pairs’ price action indicates a lower retracement from the $10,201 high. Thus, the break below the $10k support could see the price visiting the support at $9,850.
Anyhow, the price continues with its powerful upswing. Consequently, a short term retracement towards the $9.850k mark could present a small opportunity to go long. Furthermore, should the price settle under the $9.5k zone, it could trigger a substantial downside retracement.