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Bitcoin Price is Recovering But 100 SMA Could Trigger Another Sharp Drop

Bitcoin started a major decline after it was rejected near the $10,000 resistance against the US Dollar. BTC is currently recovering, but it is likely to face sellers near the 100 SMA (H4).

 ▪ Bitcoin traded as low as $9,084 and it is currently correcting higher.
 ▪ The price is likely to face sellers near the $9,600 level and the 100 simple moving average (4-hours).
 ▪ There is a major bearish trend line forming with resistance near $9,770 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
 ▪ The pair remains at a risk of more losses as long as it is below $9,600 and $9,700.