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  • BTC/USD bulls need defend $5,400.  
  • The coin has been under pressure since Wednesday.  

Bitcoin (BTC) bottomed out at $5,375 and recovered towards $5,425 by the time of writing. The price managed to return to the area above $5,400, however, the upside momentum is nowhere to be seen, which means the largest crypto asset may be in for a rangebound period.  

Bitcoin confluence levels  

All the strong barriers are above the current price, which means that the trip to the downside is the path of least resistance. Meanwhile, a confident movement above the resistance area will create a strong stimulus for an extended recovery.  

Resistance levels

  • $5,4500- middle line of 1-hour Bollinger Band, middle line of 4-hour Bollinger Band, SMA100 and SMA50 15 min, 23.6% Fibo retracement daily.
  • $5,500 – upper boundary of 1-hour Bollinger Band, 38.2% Fibo retracement daily, SMA10, 4-hour  
  • $5,600-$5,630 – the highest level of the previous day, Pivot Point 1-week Resistance 2.

Support levels

  • $5,400-$5,375 – the lowest level of the previous day, DMA5
  • $5,200 – 38.2% Fibo retracement weekly,  middle line of 1-day Bollinger Band
  • $5,100 –  61.8% Fibo retracement weekly,  Pivot Point 1-day Support 3.

BTC/USD, 1-day