Bitcoin price prediction: The allergy to $7,500 suppresses recovery – Confluence Detector
|- Bakkt Bitcoin futures contract hits a new all-time high amid Bitcoin price woes.
- Bitcoin remains vulnerable to declines due to the scarce support areas.
Bitcoin’s prevailing trend according to cryptocurrency live rates is strongly bearish. This follows yet another rejection at $7,500. For instance, BTC opened the trading on Friday at $7,430. A persuasive move towards $7,500 lost steam at $7,466.20 (intraday high). The king of cryptos has touched $7,424.24 lows on the downside but also adjusted to the current market value of $7,439.
Elsewhere, while Bitcoin plunged to $7,300, the volume of Bitcoin futures contracts on Bakkt exchanged surged to a new all-time high. The number of BTC futures traded hit 640 on the exchange (estimated to be worth $4.8 million).
Bitcoin confluence levels
Although Bitcoin appears to be allergic to $7,500, the most prominent resistance according to the confluence detector is $7,477. This region is characterized by a large volume of indicators ranging from the previous high 15-minutes, SMA five one-hour, Bollinger Band 15-min middles, previous low one-hour, SMA five 15-mins, SMA ten 15-mins the Fibonacci 61.8% one-day and the SMA 100 15-mins among others.
If the above range is cleared, BTC will tread smoothly until it hits another snag at $7,710. The movement towards $8,000 will also have to deal with the congestion of sellers at $7,864.
On the downside, Bitcoin still remains vulnerable to declines with the mildly strong support at $7,400. The indicators at this level are Fibo 23.6% one-day, pivot point one-day support 1 and the previous low one-day. Towards $7,000, a viable support is spotted at $7,091 and is home to the BB four-hour lower, pivot point one-month support one and pivot point one-week support three.
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