Home Bitcoin Price Prediction: BTC/USD recovery stalled on approach to $7,000 – Bitcoin confluence
Crypto News

Bitcoin Price Prediction: BTC/USD recovery stalled on approach to $7,000 – Bitcoin confluence

  • BTC/USD bulls struggle at the key resistance zone. 
  • Important local support is created by $6,000 level. 

Bitcoin (BTC) has experienced another bout of volatility on Friday. The price of the first digital coin jumped as high as $6,951 before retreating to $6,650 by press time. Despite the correction, BTC/USD is still 17% higher on a day-to-day basis and 7% higher since the beginning of Friday. 

Bitcoin confluence levels 

Obviously, Bitcoin’s recovery is capped by $7,000; however, there are also technical barriers clustered below the current price. The further price movements will depend on general market sentiments as well as technical triggers. Let’s have a closer look at the crucial support and resistance levels

Resistance levels

$7,000 – upper boundary of 15-min Bollinger Bands, 61.8% Fibo retracement  weekly
$7,150 – Pivot Point 1-month Support 2
$7,250 – the middle line of the daily Bollinger Band

Support levels

$6,450 – SMA10 1-hour, the highest level of the previous day
$6,150 – 23.6% Fibo retracement daily
$6,000 – 38.2% Fibo retracement daily.

BTC/USD 1-day

fxsoriginal

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.