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  • BTC/USD staged a spectacular recovery after a massive sell-off. 
  • A pivotal technical level is created by psychological $5,000. 

Bitcoin (BTC) has had a wild day as the collapse below $4,000 for the first time since March 2019 turned into a buying opportunity and pushed the price above $5,000. At the time of writing, BTC/USD is changing hands at $5,385, having gained 11% since the beginning of the day.

Bitcoin confluence levels 

There are very few technical barriers either above or below the current price. Sharp price movements brought the price into uncharted territory, which means that BTC/USD may stay highly volatile.

Resistance levels

$5,500 – 23.6% Fibo retracement daily, the highest level of the previous hour
 $5,750 – Pivot Point 1-month Support 3
$6,000 – 38.2% Fibo retracement daily

Support levels

$5,200 – the middle line of 15-min Bollinger Band, SMA5 1-hour
$5,100 – the lower line of 4-hour Bollinger Band, the lowest level of the previous hour

$5,000 – a psychological barrier
$4,700 – the lowest level of the previous 4 hours.

BTC/USD, 1-day

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