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Bitcoin Price Prediction: Bears take back control as BTC/USD looks to drop below $5,500

FX Street
Updated:
  • The BTC/USD daily confluence detector shows a distinct lack of healthy support levels on the downside.
  • On the upside, there is a strong resistance level at $5,735.

BTC/USD daily confluence detector

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BTC/USD fell from $5,634.75 to $5,575 in the early hours of Saturday. This followed a bullish Friday wherein it went up from $4,843.45 to $5,634.75. The daily confluence detector shows us that there is a lack of healthy support levels on the downside, so a further drop could be expected. On the upside, there is a strong resistance level at $5,735, which has the one-month Pivot Point support-three.
 

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