Bitcoin price traded to a new 2020 high at $9,616 and recently corrected lower. BTC to USD is now approaching a couple of important supports near the $9,225 and $9,170 levels.

Recently, bitcoin price gained traction and broke the $9,520 and $9,580 resistance levels. BTC to USD even spiked above the $9,600 level and traded to a new yearly high at $9,616.

Looking at the 2-hours chart, bitcoin failed to remain above $9,600 and it recently started a downside correction. There was a break below the $9,400 and $9,375 levels. Besides, there was a break below the 50% Fib retracement level of the last leg from $9,140 to $9,616.

The price is back below the $9,350 level and the 50 simple moving average (2-hours, purple). However, there are many supports on the downside near the $9,225 and $9,220 levels.

More importantly, bitcoin price is approaching the $9,225 support and a connecting bullish trend line on the 2-hours chart. The 76.4% Fib retracement level of the last leg from $9,140 to $9,616 is also near the $9,252 level.

Therefore, the price is likely to find a strong buying interest near the $9,225 and $9,200 levels. The next major support is near the $8,845 level since it is close to the 1.236 Fib extension level of the last leg from $9,140 to $9,616.

Any further losses may perhaps push the bulls on the back foot and the price might decline heavily towards the $8,400 level. Conversely, bitcoin price is likely to stay above the $9,225 and $9,200 support levels.

As long as there is no close below $9,225, bitcoin price is likely to bounce back above $9,500 and $9,620 in the coming sessions.

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