Is Bitcoin About to Begin Another Decline?
Bitcoin, News

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.

The price declined recently and moved beneath the support at $9,850. The hourly chart of BTC against the USD pair shows the formation of a major bearish with a barrier close to $9,785.

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.

coinmag

Born, raised and schooled in Sweden with a degree in law, Glenn is a long time crypto enthusiast. He quickly acknowledged the potential of the blockchain technology, and the benefits of decentralization. Glenn believes in a future where blockchain technology and decentralization will govern and enable people to have a transparent security and financial system.

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