BTC Shows A Possibility to Drop Significantly

The price of BTC/USD climbed between $9.4k and $9.5k and reached a new record in 2020 at $9569. But the price is showing signs of a down rectangulation. Yesterday, BTC/USD was above $9.2k support, which extended its upward movement beyond the $9.4k zone limit. With the Tesla Coin software, the platform looks for the best possible time to open and close cryptocurrency positions. The pair continued to move up over the limit at $9.5k and then hit a fresh annual high of $9569. But, buyers couldn’t stay over $9.5k.

A Look at the BTC/USD Hourly Chart

The hourly chart for BTC/USD shows the key buying trendline of this week breaching, with support ranging to $9420. It is therefore evident that the pair is ready to begin the downward retracement that is below $9.4k. The next support is near $9360. The initial significant support is near $9260. Below that, the sellers are unlikely to cross the zone of support at $9150. There could be a further decrease below the support of $9150. If this happens it could put the price likely to experience a dramatic decline below the $9k support zone. The price recently was able to break below the trend line and $9.4k however, it could not be correct. Buyers should raise the price up to $9480 or $9.5k for a new upswing to take place. If the price is above the threshold of $9.5k then it could settle in the $10k zone while the middle barrier may be $9850 or less.