Bitcoin needs to hold the $9.4K support in order to retake $10K and close the CME gap at $10,460
BTC USDT 1-day chart. Source: TradingView
The price of Bitcoin couldn’t break through the resistance of $10,400 and therefore retraced towards the next major support area, which is found at $9,500. As discussed in a previous analysis, a retracement is still very healthy for the market. Bitcoin alone managed to surge from $6,900 to $10,400 in the past six weeks, which usually means a correction is on the horizon.
